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US warns export giants not to rely too much on US consumers

[WASHINGTON] The United States on Friday pressed the world's leading exporters, including Germany and Japan, to generate more economic growth within their borders, warning that the world could not rely too much on US consumers. "We are concerned that the global economy is reverting to the pre-crisis pattern of heavy reliance on US demand for growth," Treasury Secretary Jack Lew said in a statement that also called on South Korea and China to boost domestic demand.

Mr Lew also said it was "imperative" that countries hold to international commitments on exchange rate policies, which ban devaluing currencies in order to boost exports.

In his statement to the International Monetary and Financial Committee meeting, Mr Lew said China's yuan remained "significantly undervalued." He also urged Greece to "quickly and fully commit" to technical talks on its bailout program with the European Union and the International Monetary Fund.

REUTERS