- CNTV English - CCTV News

US House unlikely to pass China currency law

10-26-2011 14:17 BJT Special Report: China Strongly Opposes US Currency Bill |

Related reading:

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

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program