The author is a Reuters Breakingviews columnist. The opinions here are his own.
The Group of 20’s pledge to refrain from currency wars rings hollow. The world’s most important finance officials have neither asked the United States to delay raising interest rates, nor provided another plan to stop capital from fleeing China and other developing economies. Without these two steps, it’s unclear how the G20 can prevent the exchange rates of many of its members from continuing to swoon against the dollar.