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US House Speaker opposes currency bill

10-26-2011 12:34 BJT Special Report: China Strongly Opposes US Currency Bill |

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U.S. House Speaker reiterates opposition to passing China currency bill

WASHINGTON, Oct. 25 (Xinhua) -- Speaker of the U.S. House of Representatives John Boehner reiterated on Tuesday his opposition to taking up a bill passed by the Senate on so-called China's currency manipulation, saying that it is "a very dangerous policy. "

Boehner told a news conference that President Barack Obama should take the lead on the issue of China's currency, instead. " The fact is the president of the United States should ought to stand up and take a position," he said.

Boehner already made it clear after the Senate passed the bill on Nov. 11 which threatens to impose punitive tariffs on Chinese goods to pressure Beijing to raise the exchange rate of its currency, the yuan. For the bill to become law, it has to clear the Republicans-controlled House and signed by President Obama.

At a House hearing on China trade practices, Dave Camp, chairman of the House Ways and Means Committee, supported Boehner' s views, saying that such a bill "will miss the many issues we have with China." He also urged the Obama administration to tell Congress what it "should and should not do" on China's trade practices and its currency.

Obama, in a speech made earlier this month, expressed his concerns that the China currency bill will not be consistent with international treaties and the U.S. obligations, and will not be upheld by the World Trade Organization (WTO).

Appearing before the House Ways and Means Committee, Lael Brainard, undersecretary for international affairs of the U.S. Treasury Department, said that such a bill "will not erase our trade deficit" with China. She added that the aspects of pending legislation "do raise concerns about consistency with our international obligations" of the Congress.

China has strongly denounced the U.S. Senate for passing the China currency bill on Nov. 11, saying such move is "a serious breach of the WTO rules" that will derail China-U.S. economic and trade relations.

 

Editor:James |Source: CNTV

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