Supporters of the left-wing Freedom and Solidarity Party (ODP), shout slogans in favour of Greece's ruling Syriza party during a protest against a G20 meeting in Istanbul February 10, 2015.REUTERS/Murad Sezer
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Group of 20 finance chiefs stood by a two-year pledge not to resort to currency devaluations to spur economic expansion, signaling ease with the dollar's recent surge and declines in the euro and the yen.That's already eating into the earnings of companies such as Pfizer Inc., threatening to curb the U.S. economic expansion and starting to draw grumbles from U.S. lawmakers.U.S. Treasury Secretary Jacob J. Lew used the talks to remind his G-20 counterparts not to use exchange rates to boost exports, according to a U.S. official. For much of the past two years, G-20 finance chiefs have blessed easier monetary policies so long as they're focused on lifting demand at home rather than stealing it from elsewhere. The G-20 officials vowed to bolster a global economy whose growth they said remains uneven.G-20 officials said Monday that recent exchange-rate fluctuations merely mirror diverging economic fortunes as the U.S. gathers strength and the eurozone and Japan remain weak.
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