Senate Bill Targets Yuan’s Value

Chinese officials warn measure could damage trade relations, undermine recovery.

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.

Copyright 2016 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Comments

Advertisement. Closing in 15 seconds.