US Senate backs debate on currency law amid yuan row

[alp227]

Source: BBC News

The US Senate has voted in favour of debating laws which could pressure China to let its currency rise in value.

The bill would give the US government the power to add tariffs to goods imported from countries deemed to be undervaluing their currencies to boost exports.

Some politicians and trade groups say China uses its currency in such a way.

China's official news agency described the vote as a "publicity attempt".

Read more: http://www.bbc.co.uk/news/business-15161840

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Roll call 155: Passed by a 79-19 vote. Most of the 19 nays were Republicans. The Democrats among the 19 were Claire McCaskill of Missouri and both senators from Washington state. I googled the keywords "Congress" and "yuan" on DU and found that this kind of debate has been proposed in the past: 2005, , and 2010 (Google the Financial Times article title "Congress letter urges action on renminbi").

[Left Coast2020]

1. I'll believe it when it gets signed into law.

And it damn sure better have some teeth to it. But remember, the Chinese are having their own financial troubles--although it is not mentioned here. But there, CCTV does do stories of people PO'd about high food and housing costs--especially in Beijing. The outlaying villages are really in bad shape too.

BTW, I just say RMB since "yuan" in its correct form may be a bit difficult for most Americans.

[JDPriestly]

2. This law is a good idea. If you plan to give to the DCCC this year,

think about the fact that some of your money may go to Claire McCaskill. She is a huge problem. We would be better off in the minority than with someone who calls herself a Democrat but isn't one at all.