"To ensure growth strategies in the world's largest

economies are mutually compatible and promote global growth, the G-20 needs to deliver on the commitment to move to market-determined exchange rates and refrain from competitive devaluation. "..Greater transparency of exchange rate operations, including intervention and reserve accumulation, is needed to strengthen the adjustment process," she stressed. The G-20 meet among other things would also discus quota reforms. "The IMF is the world's first responder when financial crisis hits. US has a huge stake in the continued strength and effectiveness of the IMF. The IMF promotes financial stability and economic growth abroad, which, in turn, supports US exports and jobs at home," she said. "Passage of IMF quota legislation is important to enable us to maintain our strong leadership position and influence in the fund and to restore the primacy of the IMF's quota-based financial structure, in which US has the largest share. We are actively working with Congress to secure legislation implementing the 2010 IMF quota reform," US official said. Looking forward to a good discussion on the international financial reform agenda in Moscow, Brainard said the United States is actively engaged in implementing this agenda fully. "Our largest banks have built capital to meet the Basel III 2019 standards well in advance of many of their global peers. We are forging ahead and putting in place a strong framework to address the opacity of OTC derivative markets and mitigate systemic risk while working cooperatively to iron out cross-border issues," she said. The US resolution regime for banks and nonbank institutions is at the forefront of global efforts to tackle systemic risk, and we're acting strongly to address the risks posed by shadow banking, she added.