US senators unveil bill to prod China on currency – Reuters

From Reuters (link)

Two top U.S. senators on Tuesday proposed legislation to force the Bush administration to get tough on China over its currency while another pair of lawmakers sidelined a bill with a similar goal.

Washington and Beijing have for months been engaged in an elaborate dance over China’s reluctance to let its yuan currency trade freely in financial markets, something U.S. manufacturers and some lawmakers say gives Chinese competitors an unjust trade edge by keeping the yuan undervalued.

In the latest twist, Senate Finance Committee Chairman Charles Grassley, an Iowa Republican, and Sen. Max Baucus, a Montana Democrat, launched a bill that urged Treasury to create an assistant secretary post focused on currency issues.



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