IMF warns against currency wars

The head of the International Monetary Fund is warning countries against devaluing their currencies in order to boost exports.

Speaking Saturday at an economic conference in the Crimean Black Sea resort of Yalta, Dominique Strauss-Kahn said that such measures could threaten recovery from the global economic crisis. He urged countries to cooperate and avoid so-called currency wars.

Kahn was quoted as saying by the event's organisers that "there are no national solutions to global issues." Kahn said that such measures would only prompt other nations to retaliate.

Some countries, such as China, have been criticised for maintaining their currencies low to shore up exports.