Posted by: mulrickillion | October 7, 2011

Obama: Currency bill on China could fall foul of WTO rules

Xinhua, 2011-10-07 — WASHINGTON – US President Barack Obama on Thursday expressed "concerns" about a controversial Senate bill on the so-called "currency manipulation" by China, saying it should be consistent with the US international trade obligation.

The Senate move could fall foul of World Trade Organization rules, Obama said at a White House press conference.

The US Senate on Thursday cleared a procedural vote to advance the bill, known as the Currency Exchange Rate Oversight Reform Act of 2011, which sets in motion a process for imposing punitive tariffs on a country with misaligned currencies, noticeably the Chinese renminbi or yuan. . . .

Obama: Currency bill on China could fall foul of WTO rules|China-US|chinadaily.com.cn

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