ITS ODD TO ME THAT THE G20 MEETINGS IN MOSCOW ARE TO TONE DOWN THE BIG CURRENCY POWER HOUSE.. MAYBE THAT WAS A WARNING
Finance Minister Jim Flaherty says leaders of the advanced economies should tone down their words when it comes to competitive currency devaluation.
“I am concerned with the escalation of ‘currency war’ rhetoric,” Flaherty told G20 finance ministers meeting in Moscow Friday, saying it added to the “uncertainty that is holding back stronger growth.”
“We must send a signal by being unequivocal and united in our support for market-determined exchange rates and our opposition to protectionism.”
The meeting comes as G20 members accuse each other — and especially Japan — of trying to lower the value of the yen to stimulate its economy and get a competitive edge over other countries.