FX "co-ordination" to once again feature in the G20 communique via ForexLive

Foreign Exchange “coordination” will be reflected in tomorrow's communique in Cairns, echoing a pledge by the G20 in July 2013 in Moscow, South Korean Finance Minister Choi Kyung Hwan said in an interview today

The pledge was

We will refrain from competitive devaluation and will not target our exchange rates for competitive purposes

and yesterday US treasury sec Jack Lew  renewed a call for member nations to avoid currency intervention in a bid to gain a competitive edge. According to a statement from the U.S. Treasury Department, he told South Korea's Choi that countries must meet

commitments to move toward market-determined exchange rates

Other G20 officials have said that currency matters were not discussed on Day 1 so we wait to see what develops tomrrows or whether Lew was just having a quiet, pointed word to Choi specifically.

posted via ForexLive