US Business Groups Lambast China Currency Bill

Law360, New York (June 24, 2011, 6:29 PM EDT) -- Leading U.S. business groups on Friday urged Congress not to pass proposed legislation aimed at pressuring China to raise the value of its currency, arguing that such a measure would be ineffective and lead China to retaliate.

The U.S.-China Business Council, which represents more than 200 companies with business ties to China, argued in the letter sent to most members of Congress that while it agreed that China should change its currency policy, unilateral U.S. action was the wrong approach.

"Legislation which would seek to increase...
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