Paulson: China committed to yuan reform
Updated: 2007-08-02 19:00
Paulson said he discussed that process in meetings with Chinese President Hu Jintao and Vice Premier Wu Yi, Beijing's top envoy to the dialogue. Paulson said he made the case that China would benefit from a faster appreciation of its currency, the yuan. But he gave no indication that Chinese leaders promised a faster rise or any other specific changes.
The secretary declined to give details of his talks with Hu and Wu, saying that would diminish the value of such private meetings.
But Paulson suggested the Chinese might be growing impatient with the wide range of issues raised by Washington.
"They're too polite to say they're frustrated," he said, adding he believes Chinese leaders are wondering if they will ever be able to satisfy Washington.
Paulson, speaking ahead of the Senate vote, said he shared American lawmakers' frustration at the slow pace of reform and expressed confidence they would understand he is making progress.
However, he acknowledged: "I've got more work to do with Congress."
The secretary also met with China's central bank governor, finance minister and banking and securities regulators.
Paulson has been granted unusually wide access to top Chinese officials in a sign of the urgency Beijing places on preserving trading relations with the United States.
Finance Minister Jin Renqing agreed to hold a meeting in October of the US-China Joint Economic Commission, a forum for discussing financial issues, Paulson said.
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