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Mr Lew said he had raised the issue in his meetings with leaders and stressed that the value of the renminbi should be "market-determined" .

Currency analysts stated that such a revaluation could have stabilized the system but these nations said the dollar should be devalued.

He said it is important for Beijing in a gradual fashion to let markets set the currency's value.

Then he said the new one, worth 1, 000 old bolivars, would be renamed the " bolivar fuerte, " or strong bolivar .

The European Union protested mightily, even though its exports have had the advantage of a cheaper euro for the past six months or more.

Against the Japanese yen, the euro fell to a four-year low and is now only three-quarters of its value in July.

Asia also benefits from strong offshore inflows due to the undervalued nature of the region's currencies .

Indeed, Japan's abnormally low rates could be viewed as a form of intervention to hold down the yen.

He says the problem is China's currency, the yuan, is undervalued and a gradual appreciation has not slowed the flow of cash.