Snow replaced by China expert

Henry Paulson, the chairman and chief executive of Goldman Sachs Group, has been appointed US Treasury Secretary after John Snow announced his resignation. Paulson is considered a China expert who has made more than 70 trips to the country in the last decade, international media reported. Analysts said Paulson's appointment means the US administration is serious about working with China. Snow has been credited with convincing Beijing to loosen the yuan peg to the dollar. Snow's departure has been expected for more than a year and is seen as another move in the ongoing shake-up of the White House.