Geithner demands emerging nations strengthen currencies

GYEONGJU: US Treasury Secretary Timothy Geithner on Saturday pressed emerging economies to allow their currencies to appreciate and raise domestic demand to help rebalance distorted global growth.

At a news conference after G20 talks in South Korea, Geithner said a "gradual appreciation" in the currencies of major trade-surplus nations was required.

Without naming China, he said such countries should move "away from export dependence and towards stronger domestic demand".

"If the world economy is going to be able to grow at a strong, sustainable rate in the future... then we need to work to achieve more balance in the pattern of global growth as we recover from the crisis," Geithner added.