Summary Box: G20 meeting ends with currency deal

AP News
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Posted: Oct 25, 2010 3:05 PM
Summary Box: G20 meeting ends with currency deal

THE DEAL: Top finance officials concluded the Group of 20 meeting in South Korea this weekend with an agreement to not use their currencies as economic weapons to boost exports.

THE BACKGROUND: Prior to the meeting, some countries were seen intervening in markets to sell their own currencies and buy dollars in a bid to stem gains spurred by the inflow of foreign capital in search of better returns.

THE IMPACT: Though vague on enforcement and long on promises, the deal was hailed Monday by officials and analysts as a step in defusing global currency tensions.