US senator gives China deadline on currency revaluation
By The Associated Press (CP) – 3 hours ago
WASHINGTON — A Democratic U.S. senator says lawmakers intend to move forward in the next two weeks with a bill that would punish Beijing for currency policies critics say destroy Americans' livelihoods.
The comments Wednesday by Sen. Charles Schumer ratchet up pressure on China to revalue its currency ahead of a meeting of the so-called Group of 20 major developed and developing economies in two weeks in Canada.
But Schumer's speech at a hearing of a congressional panel devoted to reporting on China issues also puts the Obama administration in a tricky position. Congressional threats could backfire if China refuses to make changes under what it perceives as outside pressure.
U.S. manufacturers claim China keeps its currency pegged to the dollar to make its exports cheaper. The Obama administration has delayed a report that could have cited Beijing as a currency manipulator.
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2010 The Canadian Press. All rights reserved.
http://www.google.com/hostednews/can...ueVnZACyMqu9yA
By The Associated Press (CP) – 3 hours ago
WASHINGTON — A Democratic U.S. senator says lawmakers intend to move forward in the next two weeks with a bill that would punish Beijing for currency policies critics say destroy Americans' livelihoods.
The comments Wednesday by Sen. Charles Schumer ratchet up pressure on China to revalue its currency ahead of a meeting of the so-called Group of 20 major developed and developing economies in two weeks in Canada.
But Schumer's speech at a hearing of a congressional panel devoted to reporting on China issues also puts the Obama administration in a tricky position. Congressional threats could backfire if China refuses to make changes under what it perceives as outside pressure.
U.S. manufacturers claim China keeps its currency pegged to the dollar to make its exports cheaper. The Obama administration has delayed a report that could have cited Beijing as a currency manipulator.
Copyright
2010 The Canadian Press. All rights reserved.http://www.google.com/hostednews/can...ueVnZACyMqu9yA