February 16, 2013 / 5:18 AM / 5 years ago

Osborne: Don't use currencies for economic warfare

Britain's Chancellor of the Exchequer, George Osborne, speaks before the launch of the economic survey of the United Kingdom by Angel Gurria, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), at the Treasury in London February 6, 2013. REUTERS/Lefteris Pitarakis/pool

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

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