US urges G20 to avoid competitive devaluation

WASHINGTON: The United States on Monday urged the Group of 20 economic powers, which holds a meeting later this week, to avoid competitive currency devaluation that would threaten economic growth.

"To ensure growth strategies in the world's largest economies are mutually compatible and promote global growth, the G20 needs to deliver on the commitment to move to market-determined exchange rates and refrain from competitive devaluation," said Lael Brainard, the Treasury official who will lead the US delegation to the meeting.