Posted by: mulrickillion | October 12, 2011

Senate passes bill targeting China’s yuan

By Tan Yingzi and Li Xiang, China Daily, 2011-10-12 —

WASHINGTON / BEIJING – The United States Senate, as expected, passed a bill Tuesday directly targeting China’s yuan that will impose tariffs on imports from nations whose currency is undervalued.

By a vote of 63-35, the Senate passed the Currency Exchange Rate Oversight Act, which will allow sanctions against China if the US Treasury Department finds China is undervaluing its currency.

The bill gives the Commerce Department the power to investigate whether a foreign government is subsidizing its companies by deliberately undervaluing its currency. It will then calculate tariffs on a government’s imports. . . .

Senate passes bill targeting China’s yuan|Top Stories|chinadaily.com.cn

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