Treasury envoy to press China on peg system

The US Treasury has appointed a special envoy on China who will have an enlarged mandate to engage China on its exchange rate, which has been pegged to the dollar for the past decade.

Olin Wethington, as an aide to Treasury Secretary John Snow, will be based in Washington, but is expected to spend much of his time in Beijing.

Mr Snow said Mr Wethington's appointment came as China's currency regime was constraining adjustment of global economic imbalances.

Mr Wethington will be expected to make i