Mr Geithner also called for a global deal on derivatives and said it was “essential” for Asian jurisdictions to fall into line in imposing tough restrictions on derivatives trading. US officials are concerned Hong Kong and Singapore could try to lure business with softer rules.

Alluding to the fallout from the financial crisis, the Treasury secretary held up the UK’s past policies as a negative example for other markets. “The United Kingdom’s experiment in a strategy of light-touch regulation to attract business to London away from New York and Frankfurt ended tragically”, he said. “That should be a cautionary note for other countries deciding whether to try to take advantage of the rise in standards in the United States.”

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