Legislation to stop the undervaluing of Chinese currency passes through US Senate

Wednesday, 05 October 2011 02:28:56 (GMT+3)   |  
       

On Monday, the US Senate voted 79-19 to advance a bill that would pressure the Chinese government to stop undervaluing its currency. The legislation is a result of claims that by undervaluing its currency, China gives itself an unfair trade advantage, which in turn negatively affects job growth in the US.

While passage in the Democrat-controlled Senate is a major step forward, there is no indication yet that the GOP-run House of Representatives will pass the bill as well.


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