The U.S. Senate passed a bill aimed at punishing China for keeping the yuan undervalued, triggering a backlash from Chinese officials who warned the measure risks damaging trade relations and undermining the global recovery.
The Senate voted 63-35 for the legislation, which would let U.S. companies seek duties to compensate for "misaligned" currencies. House Speaker John Boehner has called the bill "dangerous" and is resisting pressure for a vote in the Republican-controlled chamber, casting doubt on whether it will become law. China protested in three government statements.
Failure to allow faster gains in the yuan against the dollar has impeded a shift in demand toward emerging markets that would bolster the global economy, according to Federal Reserve Chairman Ben S. Bernanke. The yuan has appreciated 10 percent, adjusted for inflation, since mid-2010, a pace that's too slow, Treasury Secretary Timothy F. Geithner said yesterday.
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