Paulson blasted for lack of progress on China

Dec 15, 2006 | 10:21 AM | Rory Carroll

Despite playing down expectations, Treasury Secretary Henry Paulson came under fire for his lack of progress on his recent trip to China.

The top item on the agenda was China's currency, which many U.S. manufacturers, including steel companies, and economists say is "manipulated," or artificially undervalued to make Chinese products less expensive in the rest of the world.

On Friday, the U.S. Business & Industry Council (USBIC) accused Paulson and his trip companions, which included Trade Representative Susan Schwab and Federal Reserve Chairman Ben Bernanke, of engaging in "chitchat diplomacy."....

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