May 10, 2013 / 2:38 PM / in 5 years

German FinMin stresses G20 pledge to avoid forex manipulation

AYLESBURY, England, May 10 (Reuters) - German Finance Minister Wolfgang Schaeuble said on Friday it was important to keep in mind that the world’s leading 20 economies (G20) have promised not to boost their competitiveness by manipulating exchange rates.

Speaking to reporters near London at the start of a two-day gathering of finance ministers from the Group of Seven nations (G7), Schaeuble said that Japan had promised to take a cautious approach on the currency issue.

Japan’s new ultra-loose monetary policy has sharply driven down the value of the yen, raising concerns that policymakers elsewhere may take action to shield their economies from a tide of hot money.

Schaeuble said foreign exchange rates would be on the agenda of the ministers during their talks. He added that it was important to craft policies that balance the desire for economic growth with the need to reduce budget deficits.

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