July 19, 2013 / 1:37 PM / in 4 years

G20 targets rebalancing, flexible exchange rates-draft

MOSCOW, July 19 (Reuters) - The Group of 20 nations stressed their commitment to flexible exchange rates and rebalancing of the world economy, according to the draft of a communique prepared for a meeting of finance ministers and central bankers.

“We are determined to continue progress with rebalancing of global demand, which requires internal rebalancing through structural reforms and exchange rate flexibility,” according to a key passage from the draft obtained by Reuters on Friday.

“We reiterate our commitments to move more rapidly toward more market-oriented exchange rate systems and to refrain from competitive devaluation.”

The text did not specify hard-and-fast debt targets, saying fiscal strategies should be “credible, country-specific and ambitious”. It added: “These strategies will be implemented flexibly.”

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