German Finance Minister Warns of Currency Wars

Amid meeting of G20 officials

BERLIN: Germany's finance minister on Friday warned of the dangers of countries intervening in the foreign exchange markets, as top officials from the group of 20 met amid fears of a "currency war".

Speaking as the meeting opened in Moscow, Wolfgang Schaeuble told German radio: "We do not want state intervention in exchange rates. We want exchange rates that are determined by the markets."

"I am actually very confident that will also be the joint position of all G20 countries in Moscow," Schaeuble added in an interview on Germany's Inforadio.