Related News
US House of Representatives passes bill on foreign currency
Source: Xinhua |
September 30, 2010, Thursday
|
Online Edition
Online Edition
The US House of Representatives yesterday passed the proposed Currency Reform for Fair Trade Act, allowing the United States to seek trade sanctions against its trade partners for allegedly manipulating their currency, a new move of the nation's rising trade protectionism.
The House of Representatives Ways and Means Committee passed the bill last Friday, clearing the way for the full House to take up the measure yesterday.
The 348-79 vote sends the measure to the Senate. The bill must gain Senate approval and be signed into law by President Barack Obama. Analysts hold that the bill, which is reportedly targeting China's currency, may never become law, as it faces an uncertain future in the Senate.
With November's midterm elections approaching and mounting pressure from recession-weary voters, US lawmakers were weighing bills that would slap sanctions on Chinese goods.
However, some US congressmen said yesterday in the general debate before the House voting that passing the bill could do nothing to solve the US trade imbalance.
Representative Jeb Hensarling contended that the United States was still mired in a slow economic recovery, while passing the bill would not create more jobs for the nation but could trigger a trade war, adding that this was an "unwise policy."
Representative Kevin Brady pointed out that passing this bill could not help the United States to achieve its goal, but would "do more harm than good."
China on Tuesday urged US lawmakers to recognize the importance of Sino-US trade and economic ties and to avoid protectionist measures against China.
Safeguarding healthy and stable development of the Sino-US trade and economic ties was in the common interest of both countries, said Chinese Foreign Ministry spokeswoman Jiang Yu.
China's central bank announced yesterday prior to the US House vote that China would further improve the formation mechanism of the yuan exchange rate to increase its flexibility.
The House of Representatives Ways and Means Committee passed the bill last Friday, clearing the way for the full House to take up the measure yesterday.
The 348-79 vote sends the measure to the Senate. The bill must gain Senate approval and be signed into law by President Barack Obama. Analysts hold that the bill, which is reportedly targeting China's currency, may never become law, as it faces an uncertain future in the Senate.
With November's midterm elections approaching and mounting pressure from recession-weary voters, US lawmakers were weighing bills that would slap sanctions on Chinese goods.
However, some US congressmen said yesterday in the general debate before the House voting that passing the bill could do nothing to solve the US trade imbalance.
Representative Jeb Hensarling contended that the United States was still mired in a slow economic recovery, while passing the bill would not create more jobs for the nation but could trigger a trade war, adding that this was an "unwise policy."
Representative Kevin Brady pointed out that passing this bill could not help the United States to achieve its goal, but would "do more harm than good."
China on Tuesday urged US lawmakers to recognize the importance of Sino-US trade and economic ties and to avoid protectionist measures against China.
Safeguarding healthy and stable development of the Sino-US trade and economic ties was in the common interest of both countries, said Chinese Foreign Ministry spokeswoman Jiang Yu.
China's central bank announced yesterday prior to the US House vote that China would further improve the formation mechanism of the yuan exchange rate to increase its flexibility.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
