U.S. Treasury Secretary Henry Paulson met with a number of CEOs from various industries in preparation for his trip to China next week. Myron Brilliant of the U.S. Chamber of Congress was there – and he was on “Street Signs” with Erin Burnett to talk about it.
Brilliant said the focus of the meeting was on opening up China to capital market reform. That and financial services globalization would inevitably give rise to a “market-based currency regime” there. The environment, health care, intellectual property rights, increased transparency and other issues were discussed today as well.
Many have demanded China allow its yuan currency to float freely – but others say that could lead to a 10% boost in prices here in the U.S. – especially in stores like Wal-Mart .