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AFP: G20 to Vow to Avoid Forex Undervaluation

Written: 2010-10-21 17:35:51Updated: 2010-10-22 09:06:06

AFP: G20 to Vow to Avoid Forex Undervaluation

AFP news agency says the G20 nations will vow to "refrain from competitive undervaluation" of their currencies in the Friday and Saturday meetings of finance ministers and central bank governors in the southeastern South Korean city of Gyeongju.

The report on Thursday said that an early joint draft of a statement for the meeting suggests the G20 will move towards a "more market-determined exchange-rate system."

According to AFP, the draft also said the group would try to minimize the "adverse effects of excess volatility and disorderly movements in exchange rates."

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