U.S. wants to do by law that failed to make the market: the Chinese currency issue

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House of Representatives in Congress is close to approving a resolution that would put pressure on China to allow yuan appreciation, announcing an increase in such trade disputes that last for several years.

China’s cheap exports could suffer so, after U.S. officials of both the power and the opposition, have launched a legislative initiative that the Chinese yuan will be subsidized by the state considered, which would impose new duties on goods from China .
The proposal must receive and endorse the Senate and signed by President Barack Obama, a condition difficult to meet.

U.S. parliament members have long complained of trade imbalances caused by the Beijing government policy to prevent the appreciation of the yuan to boost exports, a situation unfair to states overseas. So far, however, has not taken any legislative action in this regard.

China has allowed a freer flow of renminbi exchange rate since June. Since then, the Chinese currency has risen 2% against the dollar, the biggest advance in five years, but U.S. lawmakers are not satisfied. According to members of Congress, the yuan is deliberately undervalued by about 40% of actual value.

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Posted by M Cosmin on Sep 30 2010. Filed under Featured News, Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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