WASHINGTON, Oct 6 (Reuters) - U.S. Treasury Secretary Timothy Geithner said on Wednesday that countries running big trade surpluses need to let their currencies rise or risk triggering a destructive round of competitive devaluations.
"This is a problem because when large economies with undervalued exchange rates act to keep the currency from appreciating, that encourages other countries to do the same," he said in prepared remarks for delivery at the Brookings Institution.
Geithner did not name any countries that he considers to
have undervalued currencies but attention is expected to focus
at weekend meetings of the International Monetary Fund and
World Bank on efforts to persuade China to let its yuan