Treasury Secretary Henry M. Paulson speaks at the Economic Club of Chicago, Thursday, Feb. 28, 2008. (AP Photo/Nam Y. Huh)
Treasury Secretary Henry Paulson says China must continue allowing its currency to rise in value against the dollar as part of reforms to address trade tensions with the United States.
Paulson praised the Chinese for allowing their currency to rise in value by more than 20 percent against the dollar since July 2005, but says it is critical that the currency reform process is allowed to continue.
American manufacturers contend that undervalued Chinese currency puts them at a competitive disadvantage and is a key reason for the huge trade gap between the two countries.