U.S. reiterates need to avoid using currencies for gain

DRESDEN, Germany (Reuters) – U.S. Treasury Secretary Jack Lew said on Thursday that the world’s big economies had to honor their agreements not to use their currencies as a way to gain advantage over one another.

“Secretary Lew reiterated that it is critical for all countries to honor their G7 and G20 exchange rate commitments, including using domestic policy tools for domestic purposes and not targeting exchange rates for competitive purposes,” the Treasury said in a statement after Lew met his Japanese counterpart Taro Aso.

The meeting took place on the sidelines of a gathering of finance ministers and central bank chiefs of the Group of Seven countries in Germany. 

(Writing by William Schomberg; Editing by Noah Barkin)