China Currency Move Not Enough, Lawmakers Say

Law360, New York (June 21, 2010, 6:05 PM EDT) -- Two days after China announced it would stop pegging the renminbi to the U.S. dollar, members of the U.S. Congress demanded more specifics about how the country will allow its currency to appreciate.

Rep. Mike Michaud, D-Maine, who led a House campaign earlier this year urging the Obama administration to take trade action against China, said Monday that China's de-pegging of the renminbi to the dollar “could have little or no impact.”

“Whether or not this is an actual success to be celebrated will be measured...
To view the full article, register now.