G20 moves closer to agreement on currencies

A high-level meeting of the world's major economies is moving closer to an agreement on policies to reduce currency tensions that threaten the global recovery, a US official said today.

But any accord from the meeting of Group of 20 finance ministers and central bank governors in the South Korean city of Gyeongju is unlikely to include specific targets for reducing the vast trade surpluses that emerging nations, China particularly, have with the West.