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US presses China over currency as G20 seeks to calm nerves

Turkish Prime Minister Ahmet Davutoglu delivers a speech during the G20 finance ministers meeting in Turkey, on September 4, 2015, in AnkaraThe United States on Friday pressed China to improve communication of its economic policy and avoid competitive devaluations, as G20 finance chiefs met hoping to calm markets rattled by slowing Chinese growth and the prospect of a US rate hike. The finance chiefs gathered for the two-day meeting in Ankara under Turkey’s G20 presidency — a role that in 2016 goes to China — at a time of some alarming indicators from the global economy, in particular from key emerging markets. A source close to the talks said that it is not likely the two major sources of concern — China’s slowdown and the US Federal Reserve’s monetary policy — will be directly referenced in the final communique.

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