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New sheriff rides into town

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November 2006

Henry Paulson has started as US treasury secretary with a bang, using personal ties to make progress with Beijing

Apart from two interpreters, nobody knows precisely what President Hu Jintao and US Treasury Secretary Henry Paulson discussed during their 15-minute private conversation in Beijing. But we got a good idea from subsequent financial and political events.

The yuan began to gain at its fastest trot since the direct link with the dollar was severed in July last year. Paulson's plane had hardly touched down back in Washington when Senators Lindsey Graham and Charles Schumer hastily ...

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