Medvedev: Threat Of Currency War Reduced By G20 – Interfax
The threat of a global “currency war” has been greatly reduced thanks to the Group of 20 Summit in Seoul, Russian President Dmitry Medvedev said Friday, Interfax reported.
“There is no absolute certainty that the problems in this area are gone once and for all, but… very large economies have heard each other and agree that it is unacceptable to manipulate your own currency to achieve a short-term result,” Medvedev said.
Medvedev renewed calls to have the Russian ruble used as a reserve currency and to reduce the world’s reliance on the U.S. dollar. Turning Moscow into a global financial center would help the rouble emerge as a major global currency, he said.
The rouble isn’t under any threat from global instability, he said.
By Ira Iosebashvili, Dow Jones Newswires