Collective actions key to global economic recovery

Against the backdrop of global capital and currency market turbulences, it was crucial the G20 finance ministers and central bank governors, who met in Shanghai over the weekend, agree to take concerted actions, including monetary, fiscal and structural measures, to combat downside risks and restore investor confidence.

Their stance will help restore the confidence of global investors and lay a solid foundation for effective and coordinated actions in the future.

They also agreed to "refrain from competitive devaluations" and not target each other's exchange rates for "competitive purposes", a stance that serves as a clear answer to recent market uncertainties.