G7 expected to issue statement to cool currency rhetoric

The Group of Seven nations are considering a statement this week reaffirming their commitment to “market-determined” exchange rates in response to heating rhetoric about a currency war, G20 officials said.

The language, which could be subject to change, implies that the major powers would not indulge in unilateral currency devaluation and reads very similarly to the last statement issued by the G7 on currencies in 2011.

“It focuses on a commitment to market-determined exchange rates and (governments) not using policies to drive currencies,” one official said.

via Business feed http://www.scmp.com/business/economy/article/1148540/g7-expected-issue-statement-cool-currency-rhetoric