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Move to market ex rates likely

A draft of a Group of 20 communique statement says its members will move towards more market-determined exchange rates, echoing a statement issued by G20 ministers late last month, Dow Jones Newswires said on Wednesday.

business Updated: Nov 10, 2010 20:44 IST

A draft of a Group of 20 communique statement says its members will move towards more market-determined exchange rates, echoing a statement issued by G20 ministers late last month, Dow Jones Newswires said on Wednesday.

“We will move towards more market-determined exchange-rate systems and enhance exchange-rate flexibility to reflect underlying economic fundamentals,” the draft seen by the news agency said.

It also said the officials preparing the draft had yet to decide the language on currency interventions.