Arab Today, arab today pacific rim finance ministers vow to shun competitive devaluation
Last Updated : GMT 16:04:09
Arab Today, arab today
Arab Today, arab today

Pacific rim finance ministers vow to shun competitive devaluation

Arab Today, arab today

Arab Today, arab today Pacific rim finance ministers vow to shun competitive devaluation

Rally outside the US Embassy in Manila
Manila - AFP

Twenty-one Pacific rim economies including the United States, China and Japan pledged Friday to avoid "competitive devaluation" of their currencies amid stuttering global growth, a joint statement said.

Finance ministers from the Asia-Pacific Economic Cooperation (APEC) made the commitment at the end of their two-day meeting in the central Philippine city of Cebu.

The meeting was overshadowed by fears of an economic slowdown in China, the world's second largest economy, which last month suddenly devalued its yuan currency by nearly two percent, triggering turmoil in the global financial markets.

"We will refrain from competitive devaluation and resist all forms of protectionism," said the ministers' statement.

It made no mention of the currency devaluation of China, which has said the decision was aimed at moving towards a more flexible exchange rate.

Chinese Finance Minister Lou Jiwei did not attend the Cebu meeting, with Beijing citing "domestic" issues, according to the hosts.

Like Lou, US Treasury Secretary Jack Lew and Japanese Finance Minister Taro Aso were represented at the meeting by lower-level officials.

The 21-member APEC, which also includes Australia, South Korea, Indonesia and Canada among others, together accounts for 57 percent of the world's economic output and nearly half of global trade.

"Disruptions in the financial markets and raising long-term potential growth are key challenges," the ministers said Friday.

"We maintain our commitment to strengthen economic growth and promote financial stability in the APEC region."

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today pacific rim finance ministers vow to shun competitive devaluation Arab Today, arab today pacific rim finance ministers vow to shun competitive devaluation

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today pacific rim finance ministers vow to shun competitive devaluation Arab Today, arab today pacific rim finance ministers vow to shun competitive devaluation

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday