Kasz216 on 05 October 2011
| spurgeonryan said: http://news.yahoo.com/china-us-currency-bill-repercussions-090135830.html China: US currency bill would have repercussions APBy SCOTT McDONALD - Associated Press | AP – 10 hrs ago tweet79 Share21 Business slideshows Apple iPhone 4S 19 photos - 54 mins ago Groupon 8 photos - Fri, Aug 5, 2011 Ivory Soap gets a makeover 4 photos - 6 hrs ago See latest photos » BEIJING (AP) — China stepped up its criticism Tuesday of a proposed U.S. law to punish countries with artificially low currencies, saying there would be serious repercussions for the world's two biggest economies if it is passed. The criticism comes after U.S. senators voted Monday to open a week of debate on the bill that would allow the government to impose additional duties on products from countries that subsidize exports by undervaluing their currencies. How worried China is about the proposed law can be seen by the fact that the Foreign Ministry, the Commerce Ministry and central bank all issued statements denouncing it. But the legislation faces considerable hurdles before it becomes law. The Obama White House, while agreeing that China's currency, the yuan, is undervalued, has been wary of unilateral sanctions against the Beijing government. Chinese Foreign Ministry spokesman Ma Zhaoxu said the Senate move "seriously violated WTO rules and seriously disturbed China-U.S. trade and economic relations." Ma said China is reforming how it manages the yuan and that since June 2010 it had increased in value by 7 percent compared to the dollar. |
It's just a ploy by the Democrats to rally union support. It won't pass... it's like the Job Bill, that Harry Reid(!) blocked from a vote because he knew the democrats didn't even want to vote for it.
They just want to throw up ridiculious damaging legislation that their constituants want, have the republicans be the ones forced to vote it down or stall it, and then point to it and say "Hey the republicans are holding this stuff up!" So they can get reelected and never talk about it again.
