APEC finance ministers pledge to refrain from competitive currency devaluations

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.