(Bloomberg) -- Federal Reserve Bank of New York
President Timothy Geithner urged Asian nations to shift their
focus away from accumulating foreign-exchange reserves and
concentrate on domestic price stability and demand growth.
Asia should ``make the necessary transition to stronger
domestic demand-led growth,'' Geithner said in a speech today at
an Economic Society of Singapore dinner. Swelling reserves ``are,
increasingly, signs of the allocative distortions that result''
from managed exchange rates, he said.
Read more at Bloomberg Currencies News
President Timothy Geithner urged Asian nations to shift their
focus away from accumulating foreign-exchange reserves and
concentrate on domestic price stability and demand growth.
Asia should ``make the necessary transition to stronger
domestic demand-led growth,'' Geithner said in a speech today at
an Economic Society of Singapore dinner. Swelling reserves ``are,
increasingly, signs of the allocative distortions that result''
from managed exchange rates, he said.
Read more at Bloomberg Currencies News
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