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G20 vows to boost fragile growth, nudges China on currency

Turkish Prime Minister Ahmet Davutoglu (2ndL) and International Monetary Fund (IMF) Managing Director Christine Lagarde (C) take part in the G20 finance ministers meeting in Turkey, on September 4, 2015 in AnkaraG20 finance ministers and central bank chiefs pledged Saturday to act decisively to shore up stuttering global growth and refrain from unsettling currency moves after China’s controversial devaluation last month. In a communique at the end of a two-day meeting in the Turkish capital Ankara, economic supremos from the world’s top 20 economies said global growth was falling short of expectations, despite strengthening activity in some economies. While avoiding any direct mention of China, the statement contained a clear pledge not to resort to competitive currency devaluations to give an unfair advantage to domestic exports.

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