KYOTO — Finance ministers from the Asia-Pacific Economic Cooperation forum agreed Saturday to work toward reducing global economic imbalances and avoiding a currency devaluation war, stressing foreign exchange rates must be determined by markets and reflect economic fundamentals.
The ministers of the 21 APEC countries, which account for some 40 percent of world trade and more than half of global economic output, also agreed on concerted efforts to address global trade imbalances in a move that could put pressure on some surplus traders, including China, to move away from undervaluing their currencies as a way to boost exports.
The finance chiefs' agreement was in line with the results of a meeting last month of the Group of 20 finance ministers and central bank governors.