Lew Urges G-20 to Avoid ‘Beggar Thy Neighbor’ Currency Plans
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U.S. Treasury Secretary Jacob J. Lew urged Group of 20 officials to maintain a pledge to refrain from influencing exchange rates at the expense of other countries, saying Japan’s recent policies align with the pact.
“We will continue to press G-20 countries to avoid a downward spiral of ‘beggar thy neighbor’ policies,” Lew said today in Washington ahead of this weekend’s meetings of finance ministers starting tomorrow. “It is imperative that all G-20 countries follow through on their recent commitment not to target exchange rates for competitive purposes.”