A senior U.S. official of the Treasury Department will travel to Moscow, Russia, to attend the Group of 20 (G20) Meeting of Finance Ministers and Central Bank Governors later this week, U.S. Treasury Department said on Monday.

U.S. Under Treasury Secretary for International Affairs Lael Brainard will attend the meeting scheduled on Feb. 15-16, the department said in a statement.

Brainard will meet with international counterparts from the world's largest economies to discuss measures to promote global economic stability and growth, said the department.

Brainard on Monday urged the world's leading economies to avoid competitive devaluation of their currencies that would derail global economic recovery.

The G20 needs to deliver on the commitment to move to market- determined exchange rates and "refrain from competitive devaluation". Boosting demand must be a top priority for policymakers to speed up the anemic global growth, Brainard told reporters at a press briefing.

Experts worried that the recent string of monetary easing moves taken by central banks of some developed countries would trigger competitive devaluation of their currencies and a new round of trade protectionism. Endit

Go to Forum >>0 Comment(s)