World

APEC finance ministers pledge to refrain from competitive currency devaluations

  • Students shout slogans as they march towards the U.S. Embassy for a rally to protest the ongoing APEC (Asia Pacific Economic Cooperation) Finance Ministers Meeting which culminates in the APEC Economic Leaders Summit in November, Friday, Sept. 11, 2015 in Manila, Philippines. (AP Photo/Bullit Marquez)

    Students shout slogans as they march towards the U.S. Embassy for a rally to protest the ongoing APEC (Asia Pacific Economic Cooperation) Finance Ministers Meeting which culminates in the APEC Economic Leaders Summit in November, Friday, Sept. 11, 2015 in Manila, Philippines. (AP Photo/Bullit Marquez)  (The Associated Press)

  • Students shout slogans as they burn a mock U.S. flag and a mock APEC (Asia Pacific Economic Cooperation) logo during a rally at the U.S. Embassy to protest the ongoing APEC Finance Ministers Meeting which culminates in the APEC Economic Leaders Summit in November, Friday, Sept. 11, 2015 in Manila, Philippines. The students denounced the alleged "U.S.-led" summit. (AP Photo/Bullit Marquez)

    Students shout slogans as they burn a mock U.S. flag and a mock APEC (Asia Pacific Economic Cooperation) logo during a rally at the U.S. Embassy to protest the ongoing APEC Finance Ministers Meeting which culminates in the APEC Economic Leaders Summit in November, Friday, Sept. 11, 2015 in Manila, Philippines. The students denounced the alleged "U.S.-led" summit. (AP Photo/Bullit Marquez)  (The Associated Press)

Finance ministers from Asian and Pacific nations say they are committed to strengthening economic growth and stability in the region and will refrain from competitive currency devaluations amid financial volatility.

The finance ministers from the 21-member Asia Pacific Economic Cooperation forum made the statement Friday after a two-day meeting in central Cebu City ahead of a leaders' summit in November.

They said they would refrain from competitive devaluations and resist all forms of protectionism.

Chinese Vice Finance Minister Shi Yaobin, whose country's currency devaluation in August rattled global financial markets, said "China agrees that we will not to adopt the practice of competitive depreciation."

A devaluation can help boost a country's exports by making them cheaper to buy in other currencies.