U.S. automakers on Sunday praised a group of 20 major nations for opposing efforts of central banks to weaken their currencies.
The American Automotive Policy Council, which represents General Motors Co., Ford Motor Co. and Chrysler Group LLC, praised the G-20's statement released this weekend on currency after a meeting in Moscow.
"AAPC applauds the G-20 for recognizing the harm caused to the global trading system by countries like Japan who are manipulating their currencies to gain a competitive advantage for their exporters," said Matt Blunt, the AAPC's president and a former Missouri governor. "We urge all countries to abide by the commitment made by the G-20 today that 'We will refrain from competitive devaluation. We will not target our exchange rates for competitive purposes, will resist all forms of protectionism and keep our markets open.'"