UPDATE 1-No direct FX mention in Italy G8/G8+5 drafts

(updates with more from draft on imbalances, exit strategy)

ROME, July 8 (Reuters) - Draft statements being prepared for issue at meetings of G8 leaders and G8 leaders plus G5 emerging market economies have no direct reference to currency or foreign exchange, according to the draft texts obtained by Reuters.

The texts, as updated following discussions among officials on Tuesday night, are being drafted for publication at meetings on Wednesday of leaders of the G8 economic powers and Thursday of those leaders plus G5 leaders from countries such as China, India, Brazil and Mexico.

The meetings taking place in L'Aquila, Italy, are being closely watched by some in financial markets because China has asked for a debate on global reserve currencies and argues there should be a shift over time away from a global financial system dependent solely on the U.S. dollar in that regard.

The draft statement being readied for publication by the G8 powers says sustainable long-term economic growth requires smooth unwinding of currency account imbalances.

It notes signs of stabilisation in the economy, including recovery in stock markets, and says that governments are committed to return to sustainable public finance in the medium term.

It says "exit strategies" to secure that goal should be prepared for implementation once recovery is assured.

On that, the draft says:

"We agreed the need to prepare appropriate strategies for unwinding extraordinary measures once the recovery is assured. Exit strategies will vary depending on economic conditions and public finances. Analytical work will be carried out by the IMF."

"Stable and sustainable long-term growth will require a smooth unwinding of the existing imbalances in current accounts," says the draft. (reporting by Reuters correspondents; writing by Brian Love; editing by Ralph Boulton)