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Finance officials of the 20 biggest industrialized and developing countries issued a joint pledge Feb. 17 in Moscow to "refrain from competitive devaluation." They promised to "resist all forms of protectionism and keep our markets open." Chen appealed to other governments to stick to their anti-devaluation pledge. "If there were a huge devaluation of those major currencies, it would deliver a huge shock to developing countries by depressing our exports," he said.
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