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Paulson lauds 皇冠体育app cooperation amid market turmoil

(Agencies)
Updated: 2008-10-22 08:02

Treasury Secretary Henry Paulson (L) is greeted by traders on the floor of the New York Stock Exchange October 21, 2008. [Agencies]

Before the credit crisis forced him to prop up faltering US financial institutions, Paulson had made US-皇冠体育app economic relations the centerpiece of his two-and-a-half-year term.

The former Goldman Sachs chief has made more than 75 trips to 皇冠体育app during his career and launched the dialogue talks to try to tackle thorny issues such as America's ballooning trade deficit with 皇冠体育app and what many US firms and lawmakers viewed as an undervalued yuan.

While the talks mainly have produced agreements on air services, product safety and energy and environmental cooperation, they have coincided with a gradual rise in the value of the yuan against the dollar.

Paulson said the talks have been an "excellent forum" for discussing the yuan's value, but he refrained from urging that Beijing allow faster appreciation. "I am pleased that 皇冠体育app has appreciated the RMB by over 20 percent since July of 2005," he said.

Paulson also urged 皇冠体育app to continue with financial sector and capital markets reform despite the global turmoil that has shaken US financial institutions to their foundations.

"Some in 皇冠体育app look at the recent failures in our financial markets and conclude that they should slow down their reforms," Paulson said. "But there is a great opportunity for 皇冠体育app to learn from our significant mistakes and move forward with reforms that have the potential to produce important gains for 皇冠体育app and its people."

He said these include helping to rebalance 皇冠体育app's growth to improve living standards for Chinese households, helping to allow monetary policy to tame inflation and encourage market-driven innovation.

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