Foreign currency news- Leaders on the G8 group agreed not to devaluate their currencies in attempts to fight economic crisis and increase exports.

British Prime Minister Gordon Brown commented for Reuters that “we think the recovery will take place in the first quarter of 2010,” referring to members of the G8 group.

Leaders agreed to refrain from competitive devaluations of their countries´ currencies and promote a more stable monetary system worldwide.

The global financial crisis has led to Russian Dmitry Medvedev seeking support currencies other than the dollar. Russia among other countries still has to come with a reasonable alternative.

Foreign Ministry spokesman Ma Zhaoxu expressed that “we need to improve the international currency regime to have a better foreign exchange issuing and reserve currency system so that we can have relative stability in the reserve currencies’ rates and so that we can have a diversified and rational international reserve currency regime.”

India´s Foreign Secretary Shivshankar Menon told that the G5 discussed the use of alternative currencies. Despite low numbers on retail sales in the U.S in July, White House Press Secretary Robert Gibbs said that the greenback will continue to be main reserve currency.