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| Version 3 | Version 4 |
|---|---|
| Boehner says Senate currency bill 'pretty dangerous' | Boehner says Senate currency bill 'pretty dangerous' |
| (12 days later) | |
| A top US Republican has criticised a Senate bill that could penalise China for alleged currency undervaluation. | A top US Republican has criticised a Senate bill that could penalise China for alleged currency undervaluation. |
| The Senate voted on Monday by 79-19 to debate legislation that could make it easier to impose penalties against US trade partners. | The Senate voted on Monday by 79-19 to debate legislation that could make it easier to impose penalties against US trade partners. |
| House of Representatives Speaker John Boehner said it was "pretty dangerous" for Congress to tell other countries how to run their monetary policy. | House of Representatives Speaker John Boehner said it was "pretty dangerous" for Congress to tell other countries how to run their monetary policy. |
| Beijing said it "firmly opposed" the measure. | Beijing said it "firmly opposed" the measure. |
| The bill would give the US government the power to add tariffs to goods imported from countries deemed to be undervaluing their currencies to boost exports. | The bill would give the US government the power to add tariffs to goods imported from countries deemed to be undervaluing their currencies to boost exports. |
| The proposed law does not mention China by name, but many US politicians accused China of subsidising exports by holding down the value of the yuan, costing US jobs. | The proposed law does not mention China by name, but many US politicians accused China of subsidising exports by holding down the value of the yuan, costing US jobs. |
| 'Unfair trade practices' | 'Unfair trade practices' |
| Analysts expressed concern that the bill could damage relations with China, which is the biggest holder of US debt, at a time when the American economy is still fragile. | Analysts expressed concern that the bill could damage relations with China, which is the biggest holder of US debt, at a time when the American economy is still fragile. |
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| And Mr Boehner said: "This is well beyond what Congress ought to be doing, and while I've got concerns about how the Chinese have dealt with their currency, I'm not sure this is the way to fix it." | And Mr Boehner said: "This is well beyond what Congress ought to be doing, and while I've got concerns about how the Chinese have dealt with their currency, I'm not sure this is the way to fix it." |
| But he came under attack from Democrats over his opposition to the Senate bill, which has bipartisan support in Congress. | But he came under attack from Democrats over his opposition to the Senate bill, which has bipartisan support in Congress. |
| "For some inexplicable reason, the Republican leadership in the House is siding with the Chinese government. This is not the time to go soft on Beijing," said Democratic Senator Charles Schumer. | "For some inexplicable reason, the Republican leadership in the House is siding with the Chinese government. This is not the time to go soft on Beijing," said Democratic Senator Charles Schumer. |
| Democratic Senate Majority Leader Harry Reid meanwhile said: "We can't ignore blatant, unfair trade practices that put American workers at a disadvantage." | Democratic Senate Majority Leader Harry Reid meanwhile said: "We can't ignore blatant, unfair trade practices that put American workers at a disadvantage." |
| At the same time, Federal Reserve Chairman Ben Bernanke said that China's yuan policy hindered a more balanced growth path. | At the same time, Federal Reserve Chairman Ben Bernanke said that China's yuan policy hindered a more balanced growth path. |
| Unhappy China | Unhappy China |
| Beijing has expressed "regret" over the measure. Chinese foreign ministry spokesman Ma Zhaoxu said it "seriously interferes with Sino-US trade ties". | Beijing has expressed "regret" over the measure. Chinese foreign ministry spokesman Ma Zhaoxu said it "seriously interferes with Sino-US trade ties". |
| "The yuan exchange rate is not the main reason for the Sino-US trade imbalance," said the Chinese central bank, the People's Bank of China. | "The yuan exchange rate is not the main reason for the Sino-US trade imbalance," said the Chinese central bank, the People's Bank of China. |
| Analysts have argued that the Chinese currency could be undervalued by as much as 20-40% in relation to the US dollar. | Analysts have argued that the Chinese currency could be undervalued by as much as 20-40% in relation to the US dollar. |
| The effect of such a policy would make Chinese goods cheaper in the US, and US goods more expensive in China. | The effect of such a policy would make Chinese goods cheaper in the US, and US goods more expensive in China. |
| White House spokesman Jay Carney said the Obama administration was still reviewing the currency bill. | White House spokesman Jay Carney said the Obama administration was still reviewing the currency bill. |
| The Senate could vote on the bill later in the week. | The Senate could vote on the bill later in the week. |