Schumer Pushes Currency Bill Ahead of Hu Visit
Reuters reports:
A group of U.S. senators, on the eve of Chinese President Hu Jintao's arrival in the United States, said the time has come for U.S. congressional action on China's currency policies.
"There's no bigger step we can take to preserve the American dream and promote job creation, particularly in the manufacturing sector ... than to confront China's manipulation of its currency," Democratic Senator Charles Schumer said.
The message to Hu is "we are fed up with your government's intransigence on currency manipulation. If you refuse to play by the same rules, we will force you to do so," Schumer said in a conference call with reporters.
Beijing's currency practices give Chinese companies an unfair price advantage in trade and have acted like "a boot on the throat" of U.S. economic recovery, Schumer said.
Hu arrives in Washington on Tuesday for a state visit with President Barack Obama and also is expected to meet with senior members of Congress. Schumer and many other lawmakers have complained for years about China's currency practices. ...
