G20 economies pledge 'all policy tools' to strengthen global recovery

Among the focus of the meeting is the exchange rate mechanism. For China, the currency yuan has been heading south since the government revamped the foreign exchange mechanism last year, and concerns about capital outflows have been on the rise.

Chinese central bank governor on Friday repeated that there is no basis for continued weakness of the yuan and China will not seek to boost exports through competitive devaluation.

The group reiterates that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability.

"We reaffirm our previous exchange rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes," the communique said, pledging to carefully calibrate macroeconomic policies to reduce uncertainty, minimize negative spillovers and promote transparency.

During the meeting, the economies also promised to fully implement agreed financial reforms, combat terrorist financing and mobilize green finance.

The G20 Finance Ministers and Central Bank Governors Meeting came in advance of the G20 Hangzhou Summit, which is slated for Sept. 4 and 5 with a theme of "Towards an Innovative, Invigorated, Interconnected and Inclusive World Economy".