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NEWS UPDATES Asean Affairs  23 October 2010

G20 draft limits current account imbalances

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The G20 will agree to limit current account imbalances and refrain from "competitive" currency devaluations, according to a draft statement

Members of the Group of 20 top world economies will "pursue a full range of policies conducive to reducing excessive imbalances" and "maintaining current-account imbalances at sustainable levels", it quoted the draft as saying.

If ratified by the group's finance ministers later Saturday, the wording could ease market fears sparked by foreign exchange tensions.

Europe's main stock markets fell on Friday as talk of a possible "currency war" overshadowed positive company earnings and economic data.

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