Group of 20 vows to avoid currency devaluations

This article is about G-20 finance ministers and central bank governors met in South Korea to discuss issues on how to avoid potentially debilitating currency devaluations and reduce trade and account imbalances. There are fears that countries like Aisa and other fast developing economies try to stem strengths in their currencies amid sustained weaknesses of the USD. This is causing a fear that exporting goods will become less competitive.

"Asia relying less on exports for growth is seen as one of the adjustments that nations should make to ensure more stability in the global economy and markets. Stronger currencies, meanwhile, would make imported goods cheaper and boost local spending as a contributor to economic growth."

These adjustments and imbalances need to be changed before there is another financial crisis and economic downturn.