APEC ministers back “market-oriented exchange rates”

Pacific rim finance ministers agreed on Thursday to undertake monetary policies based on "market-oriented exchange rates" that reflect underlying economic fundamentals.

In a statement issued after an Asia Pacific Economic Cooperation meeting in Singapore, the ministers also said those economies with external deficits would adopt policies to support private savings and those with external surpluses would seek to strengthen domestic growth sources.

"We will undertake monetary policies consistent with price stability in the context of market-oriented exchange rates that reflect underlying economic fundamentals," the statement said.