G20 to tackle US, China currency concerns

Leaders of the G20 group of major economies have agreed to avoid competitive devaluation of currencies after talks concluded in the South Korean capital, Seoul.



Leaders agreed to come up with indicative guidelines to tackle trade imbalances affecting world growth.



Tension had been high between some delegations over how to correct distortions in currency and trade.



However the agreement fell short of a US push to limit trade deficits.



Some fear the conflict, chiefly between China and the US, may threaten global growth.



US President Barack Obama says there should be no controversy about fixing imbalances that helped to contribute to the crisis.



He also says exchange rates must reflect economic realities.