Paulson blasted for lack of China progress

Dec 15, 2006 | 06:48 PM | Rory Carroll

Despite playing down expectations, Treasury Secretary Henry Paulson came under fire for a lack of progress during 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 and Industry Council (USBIC) accused Paulson and his trip companions, who included U.S. Trade Representative Susan Schwab and Federal Reserve chairman Ben Bernanke, of engaging in "chitchat diplomacy."....

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