Make or break for FX diplomacy
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Three months ago, the White House announced that Henry Paulson, Goldman Sachs' chairman and CEO, would be nominated the US's 74th Treasury Secretary. Paulson promised more traction with China due to his extensive personal and business contacts, more credibility with Wall Street, and a "greener" environmental image.
The new Secretary must have felt he could make something of this opportunity. Historic precedents would certainly have sprung to mind: John Connally in 1971 and James Baker in 1985
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