G7 Leaders Reaffirm Exchange Rate Commitment in France

G7 leaders at a summit in France issued a joint statement reaffirming their existing exchange rate commitments, the group said. The pledge comes during financial market turbulence tied to volatile oil prices.

The G7's exchange rate stance, first formalised at the 2017 summit, holds that currencies should be determined by economic fundamentals and that countries should not target exchange rates for competitive advantage. The latest statement locked in that language without modification.

No specific intervention or new coordination mechanism was announced. The group did not single out any currency pair or market condition in the statement.