G20 nations vow against devaluing their dollar for economic gain

The Group of 20 nations have promised that they will not devalue their currencies to gain an economic advantage.

The assurance came from G20 finance ministers who met in Moscow today.

It comes amid fears of what financial analysts say could be a new currency war after Japan implemented monetary and fiscal policies that reduced the value of the yen and boost its economy.

However, in a joint communiqué released after two days of talks, the G20 finance ministers pledged that they would refrain from devaluing their currencies.

They also promised to develop measures to stop multi-national firms from shifting profits to other countries in order to pay less taxes.

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