Group of 20 finance chiefs stood by a two-year pledge not to resort to currency devaluations to spur economic expansion, signaling ease with the dollar's recent surge and declines in the euro and the yen.
“We will stick to our previous exchange rate commitments and will resist protectionism,” the G-20s finance ministers and central bankers said in a statement after the talks ended.
Divergences in international growth rates and monetary policies are propelling the dollar higher against other currencies. That's already eating into the earnings of companies such as Pfizer Inc., threatening to curb the U.S. economic expansion and starting to draw grumbles from U.S. lawmakers.
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