Business | Sat Feb 16, 2013 5:16am GMT

Osborne: Don't use currencies for economic warfare

MOSCOW (Reuters) - The chancellor of the exchequer, George Osborne, said on Saturday that the Group of 20 would state its opposition to competitive currency devaluations.

"The G7 made a very clear statement this week. I think you'll see the G20 echo what was said, and say that currencies should not be used as a tool of competitive devaluation," the chancellor of the exchequer told a briefing in Moscow.

"Countries shouldn't make the mistake of the past of using currencies as a tool of economic warfare."

(Reporting by Jason Bush; Writing by Douglas Busvine)