 | Senate Bill Challenges China on Currency |
Facing election-year pressure "over unemployment, US senators have introduced legislation that would impose tough new penalties on China if it failed to revalue its currency," the AFP reports.
The legislation, which enjoys support from both sides of the political aisle, would punish currency manipulation as an unfair subsidy and could trigger a set of retaliatory US action.
The move came as lawmakers in Washington stepped up criticism of China ahead of November mid-term US elections, accusing Beijing of securing an unfair edge in trade by keeping the yuan artificially low.
It also follows Chinese Premier Wen Jiabao strong statement at the weekend that Beijing would resist any foreign pressure for a stronger yuan.
"When Premier Wen said that China's currency is not overvalued two days ago, that was the last straw and here we are to tell them we are going to force you to do it -- plain and simple," said Democratic Senator Chuck Schumer Tuesday as he unveiled the legislation at a news conference.
Sam Brownback (R-KS):
Republican Senator Sam Brownback said he expected a "huge vote," both in the House of Representatives and the Senate, on such legislation.
(credit image – afp)
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