Boao, China - President Jacob Zuma said on Friday that countries must stay vigilant against competitive currency devaluations.
"We would like to caution ... that we need to remain vigilant to any significant moves towards trade protectionism and competitive devaluations of individual currencies," he said at the Boao business forum on the southern Chinese island of Hainan.
"If these occur, it will merely result in a race to the bottom and undermine all G20 efforts to achieve strong, sustainable and balanced growth," he said.
"We would like to caution ... that we need to remain vigilant to any significant moves towards trade protectionism and competitive devaluations of individual currencies," he said at the Boao business forum on the southern Chinese island of Hainan.
"If these occur, it will merely result in a race to the bottom and undermine all G20 efforts to achieve strong, sustainable and balanced growth," he said.