China Deals on Finance, Skips Currency

Talks between American and Chinese economic officials thudded to a close today, offering mild changes to the financial sector in lieu of major currency reform. The deal hammered out by Treasury Secretary Hank Paulson and China's vice-premier Wu Yi promise foreign financial companies more access to Chinese markets and allows American investors to purchase larger amounts of Chinese stock.

But the elephant in the room was currency reform. Congress has threatened sanctions against China if it doesn't take steps to revalue the yuan. Although the governor of China's central bank promised today that the country will loosen the yuan's value, Paulson said they're not moving fast enough. "We're impatient," he added. (More Henry Paulson stories.)