We report on all-optical wavelength conversion of a 56 Gb/s differential quadrature phase shift keying signal and a 42.7 Gb/s on-off keying signal. Wavelength conversion is based on four-wave mixing effect in a 1 m long highly nonlinear GeAsSe chalcogenide fiber. The high nonlinearity of the fiber allows low-power penalty operation with a total average power of less than 60 mW.