G20 Defuses Talks of "Currency War"

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There will be no "currency war".

The Group of 20 nations meeting in Moscow say their members will avoid competitively devaluing their currencies.

The worries were stoked by Japan's recent policy of reducing the value of the yen, to help its exports.

IMF boss Christine Lagarde says talks of currency warfare are "overblown."

Finance chiefs meeting in Moscow tried to calm fears that governments are using foreign exchange as an economic weapon.

In their final communique after the two-day G20 summit, they promised not to weaken their currencies to gain an advantage in global trade.

Although the text didn't single out any one country, Japan has been in the firing line in recent weeks for its aggressive intervention in currency markets.

Tokyo stands accused of trying to reduce the value of the yen to get an economic edge.

Japan's currency is trading near a three year low.

If other nations were to follow suit, the trend could damage the fragile global economic recovery.

Saturday's co
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Producer : Xinhua News Agency