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US warns G20 against using exchange rates to boost exports

Istanbul

THE United States urged a meeting of the Group of 20 leading economies not to resort to currency devaluations to boost exports, while a draft communique gave a gloomy assessment on Tuesday of the outlook for global growth.

The meeting of finance ministers and central bankers in Istanbul comes at a difficult time, with major economies running at different speeds, monetary policies diverging and Greece casting a new shadow over Europe.

US Treasury Secretary Jacob Lew underlined the need to stick to existing commitments on exchange rate policy, a Treasury official said, pledges which include refraining from competitive exchange rate devaluations.

"Secretary Lew strongly emphasised ... that...

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