U.S. Treasury Secretary John Snow said on Wednesday that the United State will try to reduce its trade deficit and other countries will also have to do their part to reduce global trade imbalances.

The United States "will do its part but cannot resolve the problem by itself," Snow said in a testimony submitted to the Financial Services Committee of the U.S. House of Representatives.

He said the United States is intensively engaged with China to encourage greater exchange rate flexibility, balanced growth and financial sector modernization.

Snow also said the International Monetary Fund (IMF) "needs fundamental reform in its policies and its governance" in order to keep playing a role in promoting global growth, stability and monetary cooperation.

He said the United States wants the IMF to strengthen its focus on currency exchange rates.

Source: Xinhua