G20 rejects US move against Chinese currency

The leaders of 20 major economies today refused to endorse a US push to get China to let its currency rise, keeping alive a dispute that has raised the spectre of a global trade war.

At the end of their two-day summit, the leaders of the G20, including President Barack Obama and China’s Hu Jintao, issued a watered-down statement that only said they agreed to refrain from “competitive devaluation” of currencies.