“Group of 20 nations should take a stronger stance against currency manipulation at their meeting in Moscow, Russian Finance Minister Anton Siluanov said after conflicting statements on the weakening yen roiled markets.
Russia wants more “specific” language opposing exchange- rate interference in the communique that will be issued after talks among finance chiefs this week, Siluanov said in an interview today with Bloomberg Television’s Ryan Chilcote. Russia holds the G-20’s rotating presidency this year.
“The G-20 countries have always held the position that currency policy should be based on market conditions,” Siluanov said. “I think we should take a more specific stance on this.”
Russian central bank First Deputy Chairman Alexey Ulyukayevwarned last month that the world was nearing the brink of a fresh “currency war” as countries weaken their currencies to make their exports more competitive. The yen has tumbled 17 percent in the past three months against the dollar. Financial markets whipsawed two days ago as the Group of Seven major industrialized countries issued a statement viewed by investors as accepting a declining yen, only for officials to then split over whether Japan was being singled out.
