Senate OKs Currency Bill Amid China's Trade War Threats

Law360, New York (October 11, 2011, 2:58 PM EDT) -- The U.S. Senate on Tuesday passed a bill aimed at punishing currency manipulators, which earlier sparked the threat of a trade war from Chinese leaders who reportedly viewed the bill as an attack on the Chinese yuan.

The bill, which passed 63-35, would compel the president to take specific action against countries determined to have fundamentally misaligned their currencies, including taking alleged undervaluation into account in anti-dumping calculations.

“I hope President Obama will be as hard on the Chinese, who are cheating Americans out of jobs,...
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