Paulson visit stirs RMB revaluation talk
By Sun Min (China Daily)
Updated: 2006-09-20 09:02 US Treasury Secretary Henry Paulson's ongoing
China visit has stirred much debate about a possible appreciation of the
renminbi.
But instead of pushing hard for the revaluation of the Chinese currency,
Paulson, the former Goldman Sachs chief executive officer and an expert on
Chinese business issues, may focus more on the practicalities of financial
reform and trade during his visit, experts said.
"Paulson has a solid understanding of China," said Zhu Jianfang, a senior
macroeconomic analyst at China Securities Research Co Ltd. "He is more practical
and should be able to find more common ground with the Chinese officials."
Having visited China around 70 times in the last seven years during his time
at Goldman Sachs, Paulson took the position as Treasury Secretary in the George
W. Bush administration at the end of May. He began his first official visit to
China in this capacity yesterday.
Paulson's first stop was Hangzhou, capital of East China's Zhejiang Province,
where he met with local officials and entrepreneurs. He will stay in China until
Friday.
Paulson arrives in Beijing this morning and will meet Ma
Kai, minister of the National Development and Reform Commission, followed by
Vice-Premier Wu Yi later in the day. Paulson and Wu will hold a joint press
briefing in the evening.
During his visit Paulson will also meet President Hu
Jintao and other high-ranking Chinese officials in the areas of finance,
commerce and the information industry.
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