G20 countries must abide by exchange rate commitments - U.S. Treasury's Lew

WASHINGTON (Reuters) - U.S. Treasury Secretary Jack Lew on Friday underscored the need for G20 countries to abide by their commitments on exchange rate policies, the Treasury said in a statement. Lew told Korea's Deputy Prime Minister and Finance Minister Choi Kyung-hwan that all countries in the G20 must continue "to move towards market-determined exchange rates and not target exchange rates for competitive purposes," the Treasury said. The two officials were speaking on the sidelines of the International Monetary Fund and World Bank's annual meetings in Lima, Peru. (Reporting by Lindsay Dunsmuir; Editing by Andrea Ricci)