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Visiting US Secretary of Treasury Henry Paulson said that China should further its currency reform when it establishes "a competitive and open financial market system."

 

Paulson made the remarks at a press conference Wednesday evening in Beijing.

 

"I'm not get concerned with what technique they use to get flexibility," Paulson said, noting that China could further its currency reform to a definite point when "a competitive and open financial market system" has been established.

 

China switched its yuan to US dollar pegging system to a basket of foreign currencies last July, with the trading price between the dollar and the yuan at the inter-bank foreign exchange market floating within a 0.3 percent band around the official central parity.

 

The former Goldman Sachs CEO also said he has a "very strong implication" that the country could further open up its capital market.

 

"When China opens up and welcomes foreign competition in, the biggest beneficiary will be China," Paulson said.

 

He said that a further opened capital market can offer more jobs in the financial service industry for Chinese people, more and better training, and also other benefits for China's economy.

 

"Once a country has a strong capital market it could survive in competition," Paulson stressed.

 

Paulson, 60, was nominated in May to replace former Treasury Secretary John Snow, who resigned on June 29. He was sworn in on July 10. He made more than 70 trips to China as head of the investment giant Goldman Sachs.

 

Paulson arrived in Beijing on Wednesday morning to continue his four-day China visit.

 

During his stay in Beijing, Chinese leaders and officials from the National Development and Reform Commission and the ministries of finance, commerce, health, and information industry are scheduled to meet or hold talks with him on various important issues.

 

(Xinhua News Agency September 21, 2006)