The leaders of the 20 major economies failed to back a U.S. plan intended to push China to let its currency strengthen. The leaders released a statement in which all countries pledged to avoid "competitive devaluation" of currencies, The Associated Press said. Governments usually instigate competitive devaluation – the sudden reduction in the value of a currency – only during a crisis.... Continue reading G-20 Leaders Fail to Back U.S. Plan on Chinese Currency G-20 Leaders Fail to Back U.S. Plan on Chinese Currency originally appeared on DailyFinance on Fri, 12 Nov 2010 06:49:00. Filed Under: Company News , Economy , People , Credit , Currency , Market News Permalink | Tweet this! | Comments