US senators have pressed Congress to get tough on China over what it sees as its continued policy of "manipulating" its currency, ahead of a scheduled visit to Washington by president Hu Jintao.
The latest sparring over the yuan (RMB) underlines tensions over trade before Hu arrives in Washington on Tuesday for talks expected to focus on a host of sensitive issues, from rebalancing the global economy to dealing with North Korea.
On Monday, a group of senators, held talks over a proposed bill to pressure China on the yuan.
They said it was vital for the US to pass legislation to punish China if it fails to allow its currency to rise in value rather than manage the rate, giving it an unfair advantage in global trade.
"There's no bigger step we can take to preserve the American dream and promote job creation, particularly in the manufacturing sector ... than to confront China's manipulation of its currency," Charles Schumer, a Democratic senator, said on Monday. Read Full Story at Ajazeera.net
The latest sparring over the yuan (RMB) underlines tensions over trade before Hu arrives in Washington on Tuesday for talks expected to focus on a host of sensitive issues, from rebalancing the global economy to dealing with North Korea.
On Monday, a group of senators, held talks over a proposed bill to pressure China on the yuan.
They said it was vital for the US to pass legislation to punish China if it fails to allow its currency to rise in value rather than manage the rate, giving it an unfair advantage in global trade.
"There's no bigger step we can take to preserve the American dream and promote job creation, particularly in the manufacturing sector ... than to confront China's manipulation of its currency," Charles Schumer, a Democratic senator, said on Monday. Read Full Story at Ajazeera.net
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