G20 leaders have agreed to avoid excessive currency volatility and abstain from devaluations to prop up the competitiveness of their economies, in an agreement signed by the group on Friday said.
G20 leaders have also confirmed the importance of central banks' commitments to stable prices to help economies recover and grow sustainably.
The agreement said the global economic leaders would move towards market exchange rate systems which better reflect core economic indicators.
The G20 promised that developed countries, including states with reserve currencies, would be vigilant in avoiding excessive currency volatility to cut the risk of capital flow volatility which threatens some emerging countries.
The group also confirmed its willingness to support stable functioning of the international monetary system.
SEOUL, November 12 (RIA Novosti)
