Geithner promises to defend dollar

Tim Geithner, US treasury secretary, sought to assure Gulf nations on Tuesday about their holdings of treasury bills when he told Saudi business leaders that his country “has a special responsibility to play” in defending the value of the dollar.

He also said that the US is committed to maintaining the openness of its economy to foreign investment and to expanding international trade.

Mr Geithner, who is due to hold talks with King Abdullah and senior Saudi economic officials later on Tuesday, said his talks will focus on the two countries’ commitment to the recovery of the global economy, and efforts to speed up the G-20 reform process. Saudi Arabia is the only Arab member of the grouping of 20 major economic states.