“The currency market was thrown into turmoil this week after the G7 – the United States, Japan, Germany, Britain, France, Canada and Italy – issued a joint statement stating that domestic economic policies must not be used to target currencies.  The G20 draft merely sticks to previous G20 language on the need to avoid excessive foreign exchange volatility, the delegate said. Others have noted that the United States has created new money in a very similar way to the Bank of Japan, although Federal Reserve Chairman Ben Bernanke insisted the U.S. central bank was acting in line with the G7 statement, ‘using domestic policy tools to advance domestic objectives’.”

http://www.reuters.com/article/2013/02/15/us-g20-currency-idUSBRE91E00520130215

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