``"There are benefits of where the dollar is and there are costs of where the dollar is," Mnuchin said during a panel discussion Thursday. His earlier suggestion that a weaker currency was welcome becauseĀ it would boost trade was given short-shrift by policy makers. International Monetary Fund Managing Director Christine Lagarde called on him to clarify his remarks, adding that it wasn't the time for a currency war. "The dollar is of all currencies a floating currency and one where value is determined by markets and geared by the fundamentals of U.S. policy," Lagarde said in an interview. In Frankfurt, European Central Bank President Mario Draghi suggested recent foreign exchange moves weren't driven by the economy but are a consequence of public statements. This, he said, would not be in line with the G-20 commitment to "refrain from competitive devaluations."''

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