Moscow, Feb 17 (IANS/RIA Novosti): The Group of 20 finance chiefs pledged Saturday to refrain from competitive devaluation and targeting exchange rates for competitive purposes.

"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," said a communique issued after two-day talks of G20 finance ministers and central bankers held here.

The G20 finance chiefs also reaffirmed their commitment "to cooperate for achieving a lasting reduction in global imbalances" and "to move more rapidly toward mores market-determined exchange rate systems and exchange rate flexibility".

"We reiterate that excess volatility of financial flows and disorderly movements in exchange rates have adverse implications for economic and financial stability," the communique said.

Earlier this week G7 countries vowed not to use fiscal and monetary policies to influence national currencies' exchange rates.

The G20 finance chiefs also praised EU, US and Japan's efforts to reduce global economy risks.

The Group of Twenty (G20) brings together developed and emerging economies that together account for approximately 90 percent of the global economy.