US President Barack Obama, speaking in Singapore on Sunday to Asia Pacific leaders, expressed optimism about the world economy's recovery but cautioned that failure to re-balance the global economic system could result in further crises. The Asia Pacific Economic Cooperation (APEC) forum's statement, which endorsed stimulus measures to prevent a recession and called for successful trade talks in 2010, did not include any mention of market-oriented exchange rates following disagreement between the US and China on the issue. The original draft had included a commitment to maintaining such exchange rates, but this was ultimately removed from the final communique. A representative from an APEC delegation, who chose to remain anonymous, revealed that discussions between China and the United States regarding exchange rates caused a delay in the final statement after two days of talks. This highlights the tensions that are expected to arise when Obama visits China following the imposition of tariffs on Chinese tires by Washington. Beijing is concerned that this could open the door to further tariffs on Chinese products that are gaining popularity in the US market. During the APEC meeting, Obama emphasized the need to avoid repeating the same mistakes that led to the global recession, stressing the importance of moving away from policies that resulted in uneven growth. Obama stated that if we do not change our current path, we will continue to face crises that have already had negative impacts on our citizens, businesses, and governments. He believes that we are at a critical moment in history where we have the chance to choose a different direction, focusing on creating a balanced and sustainable growth. His strategy includes saving more, spending less, reforming the financial system, and reducing deficits and borrowing. Washington is also urging major exporters like China to increase their own domestic demand. Chinese President Hu Jintao has faced pressure to allow the yuan to increase in value, but he has not addressed the issue directly in recent speeches at APEC. Instead, he has focused on what he sees as unfair trade restrictions on developing countries. When President Obama visits China, the yuan will be a key topic of discussion, as it has been effectively tied to the US dollar since 2008 to protect China's economy. The US argues that an undervalued yuan is causing imbalances between the US and China. China, on the other hand, is seeking recognition as a market economy from the US and wants concessions on trade cases that would make it more difficult for the US to take action against Chinese goods. The central bank of China announced last week that it will take into account major currencies when determining the value of the yuan, indicating a shift away from the peg system. President Obama arrived in Singapore late on Saturday, missing most of the formal talks and speeches that day where some leaders accused the United States of hindering free trade with policies like "Buy America" campaigns. The APEC meeting is the final gathering of global leaders before the UN climate summit in Copenhagen in three weeks, which aims to increase efforts to combat climate change. Negotiations for the summit have stalled, but a US official stated that Obama supports a two-step plan proposed by the Danish prime minister to first reach an operational agreement and then address legally binding details later. The APEC statement no longer includes references to emissions reductions that were present in earlier drafts.