G-20 Leaders Fail to Back U.S. Plan on Chinese Currency
Governments usually institute competitive devaluation -- the sudden reduction in the value of a currency -- only during a crisis. As a result, the pledge is of little value in the current dispute between the U.S. and China, which has been building for years, because competitive devaluation isn't exactly the issue now.
At the same time, countries including China, Germany and Brazil have criticized the U.S. Federal Reserve's decision to buy more than $600 billion of long-term assets, saying the move will weaken the dollar and hurt the global economy. The G-20