Posted by: mulrickillion | October 3, 2011

White House, Cantor Avoid Tipping Hands on Bill Targeting China’s Currency

White House Press Secretary Jay Carney gestures as he briefs reporters at the White House in Washington, Monday, Oct. 3, 2011. (AP Photo/Charles Dharapak).
China Real Time Report, Oct 4, 2011 –  House Majority Leader Eric Cantor (R., Va.) said he was curious what President Barack Obama thinks about legislation that would seek to compel the administration to take action on allegations that China is keeping the value of the yuan low to boost the country’s exports.
Mr. Cantor declined to say whether he personally supported the measure, repeating several times in a press conference on Monday that he was waiting to see what the administration thinks about the potential “unintended consequences” of the legislation.
At the White House, press secretary Jay Carney said officials are still reviewing the bill to make sure it is “consistent with our international obligations” and to be sure it will be effective in getting at the underlying goal of getting China to let the value of its currency rise.
“We share the goal that it represents, which is to achieve further appreciation of China’s currency,” he said. “It’s important that as we pursue that goal, we do so in a way that is … both effective and consistent with our international obligations.”
Mr. Carney would not say whether the review will be complete before the Senate votes.

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