Mnuchin speaks with Fed Chair Janet Yellen during the G-20 Finance Ministers and Central Bank Governors Meeting.
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Financial leaders from the world's biggest economies found common ground on foreign exchange at a G-20 meeting Saturday but failed to agree on trade, highlighting a global shift toward protectionism and setting a cautious tone for financial markets next week. The Group of 20 powers meeting in the German spa town of Baden-Baden reiterated their long-standing warnings against competitive devaluations and disorderly FX markets, allaying fears that the new U.S. administration might have opened up a chink in the G-20's united front on global currency policy.For markets, no change to G-20's stance on FX is welcome news. Having the world's financial and economic powers on the same page should help keep FX volatility low, a cornerstone for stable markets and rising asset prices more broadly.The dollar has slipped recently even though the Federal Reserve has raised U.S. interest rates, because longer-term bond U.S. yields have eased back.G-20 and G-7 communiques have long stated that stable and strong growth is best fostered by stable and calm currency markets.
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