IMF seeks reform towards global economic recovery

THE world's leading advanced and emerging countries vowed yesterday to avoid potentially debilitating currency devaluations, aiming to quell trade tensions that could threaten the global recovery.

The Group of 20 also agreed to give developing nations more say at the International Monetary Fund, part of what it described as an ambitious set of proposals to reform the IMF governance. The grouping said that it will "move towards more market-determined exchange rate systems".