US treasury chief "very much in favour of a strong dollar"

0 Comments | AFP, September, 2006

HANOI (AFP) — US Treasury Secretary Henry Paulson says he is "very much in favour of a strong dollar," the value of which should be determined in open and competitive markets. "I'm very much in favour of a strong dollar because we believe that is in our nation's interest," Paulson said in response to a student's question at the National Economic University in Hanoi.

Paulson, a former Goldman Sachs investment bank chief executive, said "the currency's value should be determined in a competitive, open market, based on the underlying economic fundamentals." He said a two-day Asia Pacific Economic Cooperation (APEC) finance ministers' meeting that concluded earlier Friday in the Vietnamese capital had focused on the issue of financial "global imbalances." "The US has a low...