President Lee Myung-bak said leaders of developed and emerging economies endorsed a proposal to pursue more "market-determined" exchange-rate systems and develop "indicative guidelines" meant to assess trade imbalances for preventive and corrective actions, the South Korean news agency Yonhap reported.
"For now, in conclusion, (the world) is out of the so-called currency war," Lee said during a news conference summing up a two-day G20 summit. "Concrete guidelines will be made by the first half of next year and evaluated".
G20 leaders are expected to complete the agreement reached by the summit delegates in France next November, Lee said.
The United States blames its trade deficit partially on China's devaluation of its currency and pressed the G20 to address the matter by setting limits on account surpluses and deficits at 4 percent of the gross domestic product.
UPI
