Dollar plunges on Paulson appointment

The US dollar fell sharply on Tuesday as Hank Paulson, Goldman Sachs’ chief executive, was named as the new US Treasury secretary, replacing the increasingly pressurised John Snow.

Mr Paulson has extensive links with China and some saw him as potentially better equipped than his predecessor to encourage Beijing, and the wider emerging Asian bloc, to allow a faster appreciation of the renminbi in order to help reduce global economic imbalances.

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