US Treasury Secretary Geithner holds talks in China

Mr Geithner said there needed to be more balance in the pattern of global growth
US Treasury Secretary Timothy Geithner has met with China's Vice-Premier at a time of tension over the value of China's currency, the yuan.

A US official said the two sides "exchanged views on US-China economic relations", but did not reveal details.

US officials have long said China keeps the value of the yuan artificially low to make its exports more competitive. Beijing rejects the allegation.

On Saturday, G20 finance ministers said they would refrain from such tactics.

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At a meeting in the South Korean city of Gyeongju, they also agreed to changes at the International Monetary Fund (IMF), giving major developing countries more of a say.

'Gradual appreciation'
Mr Geithner's visit to the Chinese port of Qingdao came after a last-minute invitation from Mr Wang.

On Saturday, the treasury secretary said the G20 meeting had agreed that a "gradual appreciation" in the currencies of major trade-surplus nations was required.

"Countries with significantly undervalued exchange rates committed to move towards more market-determined exchange-rate systems that reflect economic fundamentals, as China is now doing," he said.

Mr Geithner added that if the global recovery from the economic crisis was going to be successful, there needed to be "more balance in the pattern of global growth".

"This requires a shift in growth strategies by countries that have traditionally run large trade and current account surpluses, away from export dependence and toward stronger domestic demand led growth."

"This entails a range of policy changes, as you can see in the very broad range of domestic reforms being undertaken by China."

Earlier this year, China promised greater "flexibility" in its currency approach, but since then the yuan has only risen slightly in value.

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