51 Trade Associations Urge Senate to Oppose China Currency Bill
On September 21, 2011, 51 trade associations sent a letter to Senate leaders urging them to oppose legislation to pressure China to accelerate the appreciation of its currency against the dollar. The associations argue that such legislation is unlikely to…
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create any incentive for China to move expeditiously to modify its exchange rate policies. Rather, they argue that it would have the opposite effect and result in retaliation against U.S. exports to China. Senate Majority Leader Reid (D-NV) has recently stated that he plans for the Senate to consider China currency legislation when the Senate completes its work on the GSP/MFN bill that is currently on the Senate floor.