TRG Treasury Fpo

U.S. Treasury Secretary Jack Lew will urge countries to "use all available policy tools" to boost global growth, a top Treasury official told reporters Monday in a statement outlining the secretary's trip to a conference of the International Monetary Fund and the World Bank in Peru this week.

The official's comments suggest the U.S. is hoping to get more countries to implement the necessary fiscal and monetary policies that could re-energize the global economy, which has fallen into the doldrums falling the drop in commodity prices and a slowdown in China.

"Global growth has fallen short," he said. "We need to redouble our efforts to boost global demand rather than relying on the United States as the consumer of last resort."

That could come in the form of infrastructure investments, he added.

The official also praised the efforts of Chinese government to get its currency, the yuan or renminbi, accepted as a global reserve currency by the IMF.

"We have seen over the last few months the Chinese take some steps" toward making the currency more open and transparent, he said. "A stronger currency will support a rebalancing of the Chinese economy away from externally-led and externally-dependent growth into more consumption-oriented and domestically-led demand growth."

He said the U.S. would support the yuan's addition as a global reserve currency if China satisfies the IMF's conditions for inclusion.

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(END) Dow Jones Newswires

October 05, 2015 16:35 ET (20:35 GMT)

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