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    Chinese President Xi Jinping (C) makes a speech during the opening ceremony of the G20 Leaders Summit in Hangzhou, Zhejiang province, China, September 4, 2016

    G20 Countries to Refrain From Competitive Devaluations - Communique

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    The G20 countries reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability, according to a communique issued Monday following the G20 summit in China's Hangzhou.

    HANGZHOU (Sputnik) — The G20 countries will not target exchange rates for competitive purposes and will hold close discussions regarding exchange markets, according to a communique issued Monday following the G20 summit in China's Hangzhou.

    "We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability. Our relevant authorities will consult closely on exchange markets. We reaffirm our previous exchange rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes," the document reads.


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    economy, G20 summit in Hangzhou