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