Paulson: China committed to yuan reform
Updated: 2007-08-02 19:00
US Treasury Secretary Henry Paulson said Wednesday he was assured that China is committed to currency flexibility and more financial reforms, but Beijing offered no specific changes that could help assuage US congressional ire over China's huge trade surplus.
 US Treasury Secretary Henry Paulson, left, talks with Chinese President Hu Jintao, right, during their meeting at the Great Hall of the People in Beijing, China, on Wednesday August 1, 2007. [AP] |
"I heard from everyone, right up to the top, they are committed to currency flexibility, to currency reform," Paulson told reporters.
Officials said they plan to lift a 10-month-old moratorium on new Chinese-foreign joint-venture securities brokerages in early autumn, instead of December as originally planned, Paulson said.
The secretary, Washington's point man on China, is trying to avert drastic action by congressional critics who are pressing for punitive measures over Beijing's currency policies and multibillion-dollar trade surplus with the United States.
Also Wednesday, congressional efforts to pressure Beijing took a step forward when a Senate committee approved a bill that would require the administration to pursue currency manipulation cases before the International Monetary Fund. One of the measure's sponsors said it would remove what he termed a "loophole" that has allowed Treasury to avoid citing China as a currency manipulator.
Analysts had not anticipated any concessions from Beijing during Paulson's visit. But he was expected to use the trip to try to persuade Congress that his "Strategic Economic Dialogue" is making progress.
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