The United States Congress has unveiled a bipartisan Senate bill which would pressure China to raise the value of the yuan currency against the dollar or face stiff trade penalties.
More than a hundred Democratic and Republican lawmakers endorsed the bill that would heavily weigh on President Barack Obama who could decide to brand the country's second-largest trading partner a currency manipulator.
The bill, if passed, would require the Treasury Department to periodically submit a list of countries with "fundamentally misaligned currencies" who could be levied with special duties on certain trade goods.
The Senate proposal would also allow the US to request help from the International Monetary Fund and the World Trade Organization.
MAR 17, 2010
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in National News |
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Friday, SEP 03, 2010, (KST) 
