US Senate moves to final vote on yuan
Source: Agencies |
October 7, 2011, Friday
|
Print Edition
Print Edition
US legislation to press China to revalue its currency narrowly cleared a Senate procedural vote before a formal vote later yesterday but it faced stronger opposition in the House of Representatives.
The bill passed a "cloture" vote ending debate by a margin of 62-38 - two votes more than the minimum required support of 60 and an erosion of support from a 79-19 vote on Monday.
Senate Majority Leader Harry Reid said after the vote he hoped to finish action on the bill later in the day.
The Currency Exchange Rate Oversight Reform Act of 2011 is the newest version of nearly annual legislative efforts to pressure China on currency policy since 2005.
It has gained support from many lawmakers alarmed at high unemployment ahead of US elections in 2012.
But it has drawn warnings from China that it could trigger a trade war, and the White House voiced concern the measure, which calls for US duties on imports from countries with deliberately undervalued currencies might conflict with international trade rules.
Chinese Foreign Ministry spokesman Ma Zhaoxu said in a statement this week that the bill violated World Trade Organization rules "and seriously disturbed China-US trade and economic relations."
US businesses are concerned the bill would case the Chinese to retaliate.
"Unilateral action by the United States will only serve to increase trade tensions and negatively impact the US economic recovery during this fragile period in the global economy," Bruce Josten of the US Chamber of Commerce wrote senators on Wednesday.
The legislation faces an uncertain future even if it did pass the Senate.
A Senate vote to pass the bill later yesterday would send the bill to the Republican-controlled House.
House Speaker John Boehner yesterday reiterated his opposition to the bill, calling it "wrong" and "dangerous" because it posed the risk of retaliation from China that could spiral into a trade war.
US President Barack Obama said yesterday that China has been hurting the United States by "manipulating" its currency to help its exports.
"China has been very aggressive in gaming the trading system to its advantage and to the disadvantage of other countries, particularly the United States," Obama told a news conference.
The bill passed a "cloture" vote ending debate by a margin of 62-38 - two votes more than the minimum required support of 60 and an erosion of support from a 79-19 vote on Monday.
Senate Majority Leader Harry Reid said after the vote he hoped to finish action on the bill later in the day.
The Currency Exchange Rate Oversight Reform Act of 2011 is the newest version of nearly annual legislative efforts to pressure China on currency policy since 2005.
It has gained support from many lawmakers alarmed at high unemployment ahead of US elections in 2012.
But it has drawn warnings from China that it could trigger a trade war, and the White House voiced concern the measure, which calls for US duties on imports from countries with deliberately undervalued currencies might conflict with international trade rules.
Chinese Foreign Ministry spokesman Ma Zhaoxu said in a statement this week that the bill violated World Trade Organization rules "and seriously disturbed China-US trade and economic relations."
US businesses are concerned the bill would case the Chinese to retaliate.
"Unilateral action by the United States will only serve to increase trade tensions and negatively impact the US economic recovery during this fragile period in the global economy," Bruce Josten of the US Chamber of Commerce wrote senators on Wednesday.
The legislation faces an uncertain future even if it did pass the Senate.
A Senate vote to pass the bill later yesterday would send the bill to the Republican-controlled House.
House Speaker John Boehner yesterday reiterated his opposition to the bill, calling it "wrong" and "dangerous" because it posed the risk of retaliation from China that could spiral into a trade war.
US President Barack Obama said yesterday that China has been hurting the United States by "manipulating" its currency to help its exports.
"China has been very aggressive in gaming the trading system to its advantage and to the disadvantage of other countries, particularly the United States," Obama told a news conference.
- 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.
