CFR.org | Facing China’s ‘Peaceful Rise’
/U.S. Treasury Secretary Henry Paulson heads to Beijing next week as China’s currency reserves hit the $1 trillion mark and the U.S. dollar slumps. Ben Bernanke, Federal Reserve chairman, will join the Paulson delegation, which hopes to talk Beijing into opening up its economy (AP), letting its currency rise, and cracking down on piracy. The trip comes as the Bush administration finds itself under pressure to narrow its ballooning trade deficit with China.