Financial leaders of the world's 20 biggest economies agreed in Shanghai on Saturday to inform each other in advance about policy decisions that could lead to devaluations of their currencies, the chairman of euro zone finance ministers Jeroen Dijsselbloem announced. The move is an addition to the traditional declaration in G20 communiques that countries will refrain from competitive devaluations, Dijsselbloem said after a meeting of G20 finance ministers and central bankers in Shanghai."If policy decisions lead to devaluation, we should inform and consult in advance between the different countries," he told reporters. The decision was prompted by concerns among some of G20 financial leaders about the possibility of competitive devaluations in Japan or China, he said."Everyone was quite firm that we mustn't go down that road, refrain from that completely," Dijsselbloem added. He pointed out that "There were some concerns that we would get into a situation of competitive devaluations and once a country starts, the risk is very large that the next country will follow."