Strong dollar in picture: Geithner

"We're committed to working with countries around the world to make sure that we have a recovery in place," he said in an interview with CNBC in Singapore ahead of a meeting with counterparts in the Asia-Pacific region.

"We have a more stable financial system, we have a more balanced pattern of growth globally. It's important to the US, we're committed to that. A strong dollar is part of that commitment. But you're also seeing a very important part of recovery here which is a consensus emerging on the need for a broader shift in policy, broader reforms here and around the world towards growth led by domestic demand, [a] shift towards more market oriented, more flexible exchanges over time."

The dollar is near ¤1.50 and about ¥90. Geithner declined to say if those were fair values but urged all to recognise the broad situation. He noted that the world faced a real risk of depression, deflation and catastrophic financial collapse in the past nine months. And now, as confidence returns, investors and savers around the world will take risks again.

While saying that the global economy was moving over time to more flexible market-oriented exchange rates, he also praised China's yuan policy in letting the currency appreciate against the dollar.

"I think it's important for China, important for the region, important for the world economy. And it's gonna be important, the important part, but it's not the only thing. It's an important part of this broad effort you're hearing everyone commit to. They're trying to lay the foundation for a more balanced global recovery. So as recovery comes back, as growth strengthens, we want to make sure it's on a stronger foundation."

Geithner noted that the US itself is cutting its current account imbalance and committed to bringing the country's fiscal position back to a sustainable position, as it is important for the country and the world to restore confidence in the basic stability of the financial system.