Qa'dah 15, 1431, Oct. 23, 2010, SPA The Group of 20 major economies agreed Saturday to avoid competitive currency devaluations and curb excessive trade imbalances in an effort to ease mounting economic tensions, South Korean news agency "Yonhap" reported. Wrapping up a two-day meeting in Gyeongju, South Korea, G-20 finance ministers and top central bankers said in a joint statement that they will "move towards more market-determined exchange rate systems and refrain from competitive devaluation of currencies." "Advanced economies, including those with reserve currencies, will be vigilant against excess volatility and disorderly movements in exchange rates," the statement said. "These actions will help mitigate the risk of excessive volatility in capital flows facing some emerging economies." The agreement was reached ahead of next month's summit of G-20 leaders in Seoul.
