Foreign Exchange “coordination” will be reflected in tomorrow’s communique in Cairns, echoing a pledge by the G20 in July 2013 in Moscow, South Korean fin min Choi Kyung Hwan said in an interview today
The pledge in 2013 was
We will refrain from competitive devaluation and will not target our exchange rates for competitive purposes
and yesterday US treasury sec Jack Lew renewed a call for member nations to avoid currency intervention in a bid to gain a competitive edge. According to a statement from the U.S. Treasury Department, he told Choi that countries must meet
commitments to move toward market-determined exchange rates
Other G20 officials have said that currency matters were not discussed on Day 1 so we wait to see what develops tomorrow or whether Lew was just having a quiet, pointed word to Choi specifically.
Reuters has more here and you can get the latest updates and live streaming from the G20 here
G20 officials on yet another jolly
