APEC agrees to avoid currency devaluations -Kyodo

Published 11/13/2010, 10:00 PM
Updated 11/13/2010, 10:04 PM

YOKOHAMA, Japan, Nov 14 (Reuters) - Asia Pacific leaders will agree in their summit statement to refrain from competitive currency devaluations and move towards more market-determined foreign exchange systems, Kyodo news agency reported on Sunday.

The commitments, spelt out in a draft of the statement due to be finalised shortly by APEC leaders, echoed the language of a G20 summit that ended on Friday.

The meetings were preceded by tensions over how to redress imbalances between indebted advanced economies and export-driven emerging economies that had triggered fears of a "currency war". (Reporting by Chisa Fujioka; Writing by John Chalmers)

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