G-20 ministers repeat currency pledge, warn of ‘Brexit’ shock

Washington—The Group of 20 major economies on Friday reiterated earlier pledges to refrain from using exchange rates for competitive advantage and warned of a possible shock to global growth if Britain left the European Union, Bloomberg News reported, citing a draft communique. “We reaffirm our previous exchange-rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes,” Bloomberg quoted the draft communique as saying.
The G-20 leading economies moved a step closer toward ending the ability of tax evaders and money launderers to hide behind anonymous shell companies, according to a draft communique. Acting in the wake of the “Panama Papers” scandal, G-20 finance ministers supported proposals requiring authorities to share the identities of the real owners of shell companies. They also backed creating a blacklist of international tax havens which do not cooperate on information-sharing programs.—AP

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