Paulson sworn in amid China worries

WASHINGTON - Former Goldman Sachs chief Henry Paulson was today sworn in here as the 74th US Treasury secretary.

Along with the post he inherits challenges that include pressuring China on its currency and soothing worries about about trade and budget deficits.

Paulson's nomination earned high marks for President George W. Bush at a time when the president's low approval ratings are among the worst poll numbers of any president facing midterm congressional elections.

Paulson, 60, takes over at Treasury at a time when the US economy is moving gradually to a period of slower growth as higher energy prices and a cooling housing market crimp consumer spending.

The US economy grew at a 5.6 per cent annual rate in the first quarter, the fastest pace of growth in two-and-a-half years.

- REUTERS