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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World IMF should be tougher on exchange rate monitoring: US AFP - Sunday, October 10 Send IM Story Print WASHINGTON (AFP) - – The International Monetary Fund should toughen its monitoring of exchange rates policies and buildup of currency reserves, US Treasury Secretary Timothy Geithner said on Saturday. Geithner, speaking to IMF policymakers at annual meetings in Washington, said the international organization must carry out its role of surveillance of the financial system including sounding warnings about countries that undervalue their currencies or build up huge surpluses. The comments appeared aimed at China, although Geithner did not mention the country by name, and came amid simmering tensions about what Washington and others claim is an undervalued yuan. "One of the IMFs core functions is to undertake rigorous surveillance of the international monetary system," Geithner said in prepared remarks. "Specifically, the IMF must strengthen its surveillance of exchange-rate policies and reserve accumulation practices... excess reserve accumulation on a global scale is leading to serious distortions in the international monetary and financial system, and is inhibiting the international adjustment process." Recent IMF figures showed Beijing had currency reserves of 2.447 trillion dollars, the largest in the world and nearly 30 percent of the global total. Washington maintains that China purchases large amounts of dollars to keep the yuan artificially low, which distorts global trade by boosting Chinese exports. Geithner repeated his call for further efforts to rebalance the global economy by inducing emerging markets to boost domestic demand in place of exports and increasing savings in countries like the United States. "The United States is doing and will do its part to achieve this adjustment towards more balanced growth," he said. "But as America saves more, countries overly reliant on exports for their own growth will need to change their policies, or else global growth will slow and all of us will be worse off. "Countries that chronically run large surpluses need to undertake policies that will boost their domestic demand. And it is critical to see more progress by the major emerging economies to more flexible, more market-oriented exchange rate management. This is particularly important for those countries whose currencies are significantly undervalued." Recommend Send IM Story Print Related Articles JPMorgan commodities operation falling short: report Reuters - 47 minutes ago Emerging Asia must move to end crisis-era spending: IMF AFP - 53 minutes ago IMF fails to find consensus to ease currency frictions AFP - 56 minutes ago WRAPUP 3-World economies vow to act to bolster IMF's role Reuters - 1 hour 1 minute ago AIA Group IPO covered more than five times -sources Reuters - Sunday, October 10 News Search Top Stories IMF calls for more study on economic imbalances EDF charges Constellation pulls out of US reactor project Win for husband and wife, Games in race row British minister says cuts may be scaled back Ryanair may quit Marseille over court case: report More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended British lottery winner gets record 129 mln euros Win for husband and wife, Games in race row Arabs 'give US one month to revive peace talks' Europe takes currency fight to US Weak US jobs report hangs over November elections More Most Viewed » US state executes first woman in nearly 100 years Workers swarm Europe's streets in anti-cuts protests Global marine life census charts vast world beneath the seas More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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