Avoid devaluing currencies to boost trade

NEW DELHI: The United States will “oppose and push back very hard” against attempts to boost exports by weakening exchange rates, Treasury Secretary Jacob J. Lew said in one of his strongest statements yet on a potential currency war.

“It would be a very big mistake for the world to get into a situation where I think there is kind of a race to devalue,” Lew said in an interview with India’s NDTV television channel.