G20 Nations, Including China, Agree To Swear Off Currency Devaluations
After two days of discussions between finance ministers and central bankers from the world's 20 largest economies, the Group of 20 nations agreed to refrain from devaluing their currencies to increase international market competitiveness. The accords seek to soothe global fears of race-to-the-bottom of currency depreciations.
The agreement is intended to stave off a round of snowballing devaluations that many worried would follow China's decision to let its currency depreciate in August.