REFILE-S.Korea official: No FX rates purely set by markets

Published 10/24/2010, 09:01 PM

(Refiles to fix typo in headline)

SEOUL, Oct 25 (Reuters) - A South Korean government's senior official said on Monday that no currencies values are purely determined by markets.

"There are no foreign exchange rates that are purly set by markets," the official told Reuters, asking not to be identified because the official was not authorised to speak to the press.

The comments came after the Group of 20 major economies on Saturday agreed to shun competitive currency devaluations but stopped short of setting targets to reduce trade imbalances that are clouding global growth prospects. [ID:nTOE69M004] (Reporting by Lee Shin-hyung, Writing by Cheon Jong-woo; Editing by Ken Wills)

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