President Bush today announced the long-expected departure of Treasury Secretary John W. Snow and the nomination of Henry M. Paulson Jr., the chief executive of Goldman Sachs, as his successor.
Speaking in the Rose Garden, Mr. Bush praised Mr. Snow for his "strong leadership," and said that Mr. Paulson would "be a superb addition to my Cabinet."
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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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