Paulson pushes for JV brokerages

US Treasury Secretary Henry Paulson urged China to allow Sino-foreign joint-venture brokerages Wednesday, stressing that liberalizing the financial services sector is critical to maintaining economic stability and future growth. Paulson, on his final day in Beijing for the second round this year of the Sino-US Strategic Economic Dialogue, also pressed further on the issue of yuan revaluation, the Financial Times reported. He claimed that recent moderate increases in the yuan's value had not damaged Chinese economic stability and called for further revaluations. Two pieces of legislation under debate in the US would threaten tariffs against Chinese goods by labeling the country a currency manipulator.