"We will refrain from competitive devaluations," said the communique, which was thrashed out by finance officials on Friday night and seen by Reuters.

The text said that monetary policy should be directed towards domestic price stability and economic recovery - effectively giving a free pass to countries like Japan whose currencies have fallen as a result of expansive policies.

It contained a commitment to run credible medium-term fiscal strategy, but stopped short of setting specific goals.

This was a key US demand, reflected in wording that medium-term fiscal consolidation should take into account near-term economic considerations and fiscal space.