AMN /
World’s 20 big economies, including India, have called for moving towards market-determined currency rates and resisting competitive devaluation. A communiqué, issued at the end of the two-day meeting of the G20 Finance Ministers and Central Bank Governors in Turkish capital Ankara, said that the grouping will also resist all forms of protectionism.
The communiqué did not name China but it came against the backdrop China’s recent devaluation of yuan that triggered shocks in the global economy. It added that G20 expects that monetary policy tightening is possible in some advanced economies.
The G20 leaders also pledged to act decisively to shore up stuttering global growth. They said, global growth is falling short of expectations, despite strengthening activity in some economies.
Speaking to reporters, International Monetary Fund Managing Director Christine Lagarde said worldwide growth remained too moderate and uneven. She said most indicators, including trade and investment, are too weak.
Turkish Deputy Prime Minister Cevdet Yilmaz said the issue would be discussed at the G20 leaders summit in Antalya in November.