Group of 20 vows to avoid currency devaluations

European Economic and Monetary Affairs Commissioner Olli Rehn, center, speaks as European Central Bank President Jean-Claude Trichet, left, and Belgium’s Finance Minister Didier Reynders listen at their press conference following the G20 Finance Ministers and Central Bank Governors meeting at a hotel in Gyeongju, South Korea, Saturday, Oct. 23, 2010. – AP Photo

GYEONGJU: The world’s leading advanced and emerging countries vowed Saturday to avoid potentially debilitating currency devaluations, aiming to quell trade tensions that could threaten the global recovery.

The Group of 20 also said it will pursue policies to reduce trade and current account imbalances that threaten the economic recovery, and agreed to give developing nations more say at the International Monetary Fund, part of what it described as an ambitious set of proposals to reform IMF governance.