Timothy Geithner, US Treasury secretary, welcomed a commitment by Asia-Pacific ministers to flexible exchange rates even as his Chinese counterpart praised the renminbi's peg for helping the global recovery.
Finance ministers from the Asia Pacific Economic Co-operation group ended a meeting in Singapore with a strong endorsement of “market-oriented exchange rates that reflect economic fundamentals” but carefully avoided a confrontation with China over its currency peg to the US dollar.
Officials said there had been no attempt to press China into ending the dollar peg, which has raised trade tensions in the region by pushing down the value of the renminbi against many other Asian currencies.
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