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SINGAPORE, May 16 (Reuters) – U.S. Treasury Secretary Timothy Geithner said he is confident Europe will resolve its debt crisis and that the U.S. economy can withstand any fallout, Bloomberg reported.

Geithner also said he was ‘confident’ China would allow the value of the yuan to rise in countervail to the dollar. He underlined that seeking ‘a level playing field’ according to U.S. exporters would be at the centre of Washington’s agenda in talks with Beijing later this month.

‘Europe has the capacity to manage through this,’ Geithner said in an interview on Bloomberg Television that was scheduled to subsist aired this weekend. ‘And I think they will.’

He said Europe was ‘committed to establish this problem’.

Last week, the EU, IMF and central bankers oblige together a $1 trillion rescue package to stabilise world markets and intercept the Greek debt crisis from destroying the euro currency.

Financial markets consider been troubled since though on concerns that the austerity measures needed to produce some euro area budget deficits back under control could derail household recovery. The euro fell on Friday to an 18-month submissive.

Geithner said the $1 trillion package was an ‘enormously important step’ and he didn’t regard the European turmoil would hurt U.S. growth.

‘Our economy is acquirement stronger. We’re seeing a lot of strength, improvement and assurance,’ he said.

He said the U.S. economy was recovering from the global strait ‘more quickly and stronger than many people expected. We can take a destiny of comfort and encouragement from the signs of strength that we’re it being so here in the United States.’

Geithner is due to meet Chinese Vice Premier Wang Qishan in Beijing ~ward May 24-25 as part of regular dialogue between the brace countries.

‘It is in China’s interest that they move to impediment their exchange rate start to gradually reflect market forces,’ Geithner afore~. ‘I’m confident they’re going to do that.’

China has shackled the yuan at around 6.83 per dollar since the middle of 2008 to withstand shield its economy from the global downturn.

But lawmakers in Washington regard criticised Beijing for the policy, saying it gives Chinese firms every unfair export advantage and costs Americans jobs. Some Western economists debate the currency is as much as 40 percent undervalued.

Geithner praised Senate legislation to gain upon financial regulation aimed at preventing a repeat of the U.S. financial meltdown in 2008, Bloomberg said.

‘It’s time to get this accomplished. We want to bring it to earth now so that we can get on to other challenges,’ Geithner said.

He promised the Treasury would excite quickly after the financial bill passes to build consensus on in what state to reform mortgage-financing companies Fannie Mae and Freddie Mac.

((Reporting ~ the agency of Neil Fullick, Asia Markets and Economics Desk; Editing by Paul Tait)) Keywords: GEITHNER/EUROZONE YUAN

(Singapore: +65 6870 3818; neil.fullick@thomsonreuters.com)

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