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G20 officials to discuss currency wars

The Group of 20 nations finance ministers and central bankers meet in Moscow on Friday for two-day talks. The main topic on the agenda will be currency manipulation and specifically Japan’s aggressive monetary expansion aimed at eliminating deflation.

Earlier this week the G7 issued a joint statement in which they assured of their "longstanding commitment to market determined exchange rates," and which was seen as a move preventing criticism of Japan’s actions at the G20 summit.

Ahead of the meeting, European Commissioner for Economic and Monetary Affairs Olli Rehn was on the wires saying that G20 nations should concentrate more on reforms rather than on short-term fiscal and monetary stimulus.

Meanwhile, Deutsche Bundesbank chief Jens Weidmann told Bloomberg that he believed the ECB had no intention of cutting rates in order to weaken the euro and that the central bank’s president Mario Draghi’s comments at the last press conference were not aimed at talking it down.

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