Paulson sworn in as US Treasury Secretary

Henry Paulson was sworn in as the 74th U.S. Treasury Secretary on Monday 10 July, saying he would build on the achievements of his predecessor, John Snow.

"I am 100 percent committed to building on these past achievements and to doing my best to ensure that our economy remains a model of strength, flexibility and openness," he said.

The new Treasury secretary is expected to come under political pressure from both political parties on China's exchange rate flexibility.

Charles Grassley, chairman