China currency bill passes Senate

Reuters News
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Posted: Oct 11, 2011 6:33 PM
China currency bill passes Senate

WASHINGTON (Reuters) - The Senate on Tuesday voted to pass legislation designed to press China to let its yuan currency rise in value, sending the bill to the House of Representatives, whose leaders have criticized the measure.

The Currency Exchange Rate Oversight Reform Act of 2011 allows the U.S. government to slap countervailing duties on products from countries found to be subsidizing their exports by undervaluing their currencies.

(Reporting by Paul Eckert)