A communique to be issued at the conclusion of G20 finance ministers' and central bank governors' meeting will state: "We're all committed to moving toward market determined exchange rates that reflect underlying fundamentals and refrain from competitive devaluation," said an official.

A US official separately said the United States had no expectation its proposal of setting numerical targets on external balances would be mentioned in the G20 statement.

The US proposal, aimed at pressing countries with surpluses such as China to let their exchange rates rise, met with a cool reception on the first day of a two-day meeting meant to smooth the path for a G20 summit in Seoul on November 11-12.

China was against any limits on imbalances, another G20 source said on October 22. He also said there was a "rift down the middle" on currencies and International Monetary Fund reforms, and the final statement would be "bland."

In a letter read to fellow finance ministers of the G20 on October 22, US Treasury Secretary Timothy Geithner said countries should act to reduce their current account imbalances below a specified share of national output.