Fight against yuan manipulation: Schumer

19-01-2011

Charles Schumer. Reuters file photo
A group of American senators say it's vital that US Congress passes legislation to get tough with China over its currency practices.

Democratic Senator, Charles Schumer, said there was no bigger step they could take to preserve the American dream and promote job creation, particularly in the manufacturing sector, than to confront China's manipulation of its currency. The proposed bill aims to prod China to raise the value of the yuan.

Supporters claim wide backing for the measure. But previous efforts to pass currency legislation directed at China have failed because of concerns it could trigger retaliation by Beijing. Mr Schumer said the undervalued yuan gives Chinese companies an unfair price advantage in trade and has acted like "a boot on the throat" of US economic recovery.

The heated rhetoric shows how negatively many US lawmakers view China as President Hu arrives in Washington later today for a state visit with President Barack Obama.


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