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Excerpt from our One Page Annotated Wall Street Journal Summary:

Paulson Prods Beijing on Currency

Summary: Treasury Secretary Henry Paulson finishes his four-day visit to China today. Despite what appears to have been good dialogue with senior Chinese leaders, Paulson emphasized that, "... (he'd) like even more flexibility (in the yuan's value)." He also told Chinese officials, "My view is that the economy has now changed to the point where it's big and complex enough that I think the risk is not moving fast enough (with reforms)." Paulson is pushing for liberalization of China's foreign-exchange system. Since China revalued the yuan in July 2005 by 2.1% it has only risen by slightly more than 2.0%. China's central bank governor commented that China will eventually liberalize the yuan, but didn't provide a timetable. Full WSJ article >
Related links: Beijing's Revised Export Tax Rebate Policy Boosts StocksFeedback on the Chinese Bubble -- A Point-by-Point Refutation • Bloomberg: Paulson's Clout, China Contacts May Move Debate Beyond Currency • Dept. of Treasury: US-China Statement on the Strategic Economic Dialogue • Dept. of Treasury: Strategic Economic Dialogue Press Briefing Transcript

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Source: Paulson Wants Even More Flexibility in Yuan