Tuesday, April 01, 2008

RMB appreciation should continue: US Treasury

Hank Paulson, U.S. Treasury secretary, will tell the Chinese leaders during his visit to Beijing this week, the recent appreciation of the Chinese currency is "significant and welcome," and needs to continue, according to a senior U.S. official.

Paulson left for Beijing today and will attend the meetings on Wednesday and Thursday. He hopes to meet Hu Jintao, Wen Jiabao and Wang Qishan. Wang Qishan, who was newly appointed as the vice premier, is responsible for the trade negotiations.

The aim of this trip is to prepare for the next round of high-level dialogue between China and the U.S. in Washington this June, with a focus on financial reform and investment, and the exchange rate will still be one of the key issues despite the fact that the RMB has appreciated by 15% to 20% so far this year, sources said.

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