(Agencies)
Updated: 2007-12-09 11:12

WASHINGTON - Treasury Secretary Henry Paulson on Friday said that China has stepped up the pace at which it is letting the value of its currency appreciate, but should allow the change to take place even more rapidly.

100 yuan bank notes in Beijing. China should not worry about allowing a more rapid appreciation of its currency as the yuan's 12 percent rise over the last two years has not dampened the economy or exports of the world most populous nation, the US Treasury said Friday. [Agencies]

"China has recognized the need to appreciate their currency and for greater currency flexibility. ... I don't want to use the word rapidly, but the pace of change has accelerated, they've moved it about 6 percent over the last year, they need to move it more quickly," he said in an interview on Bloomberg TV.

There is a growing awareness around the world regarding how important it is for China to have a currency that more accurately reflects economic fundamentals, said Paulson, who travels to China next week.