From the Washington Post (link)
The co-author of a U.S. Senate bill that would punish China if it doesn’t revalue its currency said on Wednesday that a 7-10 percent rise in the Chinese yuan by year’s end would show Beijing was serious about reform.
“My hope is that between now and the end of the year you will have a revaluation somewhere in the double-digit area,” said South Carolina Republican Sen. Lindsey Graham.
Graham and New York Democrat Sen. Charles Schumer in March decided to delay until September 29 a vote on their bill, which threatens to impose a 27.5 percent tariff on China’s exports to the United States if it does not revalue the yuan further.
