Lawmakers, US Manufacturers Slam Cheap Yuan

Law360, New York (September 15, 2010, 6:21 PM EDT) -- Lawmakers and industry representatives on Wednesday urged the U.S. Congress to take a tougher stance on China's cheap currency, saying an undervalued yuan is distorting trade and costing U.S. jobs.

U.S. executives and representatives from manufacturing districts told panelists at a hearing of the U.S. House of Representatives Ways and Means Committee that China's export-oriented policy of keeping its currency cheap violates international law.

Several pushed the U.S. to pass the Currency Reform for Fair Trade Act, a 2009 bill that would amend the Tariff Act...
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