APEC finance ministers meet

In Singapore, APEC member economies are pledging to embrace more flexible exchange rates and stable growth strategies. This comes as they start to scale back stimulus spending after the global downturn.

The forum brings Asian-Pacific economies together.

Finance ministers from the APEC's 21 member economies spent the day discussing the challenge of sustaining growth.

US Treasury Secretary Timothy Geithner said, "We are seeing Asia lead the world back to recovery. We are seeing growth resume in the US and countries around the world after the worst recession."

But officials say short-term sacrifices are needed for lasting improvements.

The ministers also agree to "undertake monetary policies" based on flexible exchange rates.

Singaporean Finance Minister Tharman Shanmugaratnam said, "We do see flexible exchange rates as being part of the overall menu of options that all our economies must use together with structural reforms, together with other economic reforms."

Chinese Asst. Finance Minister Zhu Guangyao said, "We should work together to promote recovery and look for more stronger recovery."

Officials also discussed the creation of an Asia-Pacific free trade area, which would account for about half the world's exports and imports if it becomes reality.