U.S. Treasury Undersecretary for International Affairs Lael Brainard said the European debt crisis will be a focus of the Asia-Pacific Economic Cooperation meeting of finance ministers in Moscow.
“The crisis in Europe only reinforces the imperative of the dynamic emerging economies in the Asia-Pacific region playing a larger role” in bolstering global growth, Brainard said.
Brainard will attend the meetings on Aug. 29-30. Treasury Secretary Timothy F. Geithner will not participate in the summit this year.
Brainard also said China needs to make further progress on its currency flexibility and has room to expand domestic demand. “We are going to continue to want to see further movement in the direction of a market-determined exchange rate,” she said.