Nov. 12 (Bloomberg) -- U.S. Treasury Secretary Timothy Geithner said there are “early signs” that the world is addressing imbalances in spending and saving that contributed to the global crisis.

Asia is “leading the world” back to recovery, Geithner told reporters in a joint press briefing with counterparts from the Asia-Pacific Economic Cooperation group following a meeting in Singapore today. American exports are also growing at a healthier rate, he said.

APEC finance ministers today echoed calls by policy makers around the world for reduced reliance on Asian savings and American spending, a pattern that analysts say held down U.S. borrowing costs and fueled a credit bubble. In a joint statement, they also reiterated a pledge to maintain stimulus efforts “until a durable recovery in private demand is secured.”

Geithner said that while it’s too soon to withdraw stimulus measures, the Obama administration is committed to reducing the record U.S. fiscal deficit, a legacy of reliance on overseas funds and unprecedented stimulus spending to counter the crisis.

The Treasury chief said in an interview with Bloomberg Television that it’s “very important” the U.S. maintains a “strong” dollar. The dollar’s slide against counterparts from the yen to the euro this year has bolstered speculation among investors that its status as the world’s dominant reserve currency may be lost.

Dollar Value

Record low U.S. interest rates are funding global “carry trades” and the dollar is still overvalued, the International Monetary Fund said last week.

“We bear a special responsibility” because of the U.S. economy’s global role, Geithner said at the press conference. Asked whether the dollar’s slide may help spur American exports and aid his nation’s recovery, he said it’s “very important” that the U.S. have a “strong” dollar.

Geithner praised China for playing a major role in the global recovery, after being asked to comment on a People’s Bank of China statement yesterday that some analysts said hinted at more openness to allowing the yuan to gain.

The U.S. Treasury chief said APEC today achieved a “very strong consensus” in moving toward more flexible currencies, speaking in a separate CNBC interview. APEC finance ministers in their statement said that they “will undertake” to move toward “market-oriented exchange rates.”

China’s Stance

Progress toward a more flexible yuan is “important for China, important for the region, important for the world economy,” Geithner said in the CNBC interview.

China has maintained the yuan’s value at around 6.83 against the dollar since July 2008. European Central Bank President Jean-Claude Trichet said last week a stronger Chinese currency would help the global economy, and the International Monetary Fund has called it “significantly undervalued.”

Geithner expressed confidence that Asian policy makers can manage speculative capital flows, and said the region isn’t taking steps to withdraw stimulus efforts too soon.

So-called hot money flows aren’t the “main risk” now, Geithner said in the Bloomberg Television interview.

Central banks from South Korea to India are projected to increase interest rates in coming months to guard against inflation as economic recoveries gain traction.

To contact the reporter on this story: Chris Anstey at canstey@bloomberg.net

Last Updated: November 12, 2009 05:53 EST