Heads of state, finance ministers and central bank governors during the first of day of a G-20 meeting in Ankara. AFP PHOTO / ADEM ALTAN
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Global finance chiefs agreed to avoid getting drawn into currency battles after China set out plans to steer its economy onto a slower path of expansion.Chinese Finance Minister Lou Jiwei told the meeting he expects the country's economy to grow at about 7 percent pace for the next four or five years, according to an account on the central bank's website.China allowed the yuan to drop after the Shanghai Composite index lost more than 20 percent from a three-year high in June.China's slowdown comes as the Federal Reserve is considering raising U.S. interest rates for the first time in nine years.
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