US Senate Postpones China Currency Bill Vote

Posted October 6th, 2011 at 9:20 pm (UTC-5)
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The U.S. Senate has postponed its final vote on a bill intended to retaliate against China’s alleged currency manipulation.

The bill is now set for a likely vote on Tuesday, and is expected to pass with bipartisan support.

The measure, however, faces stronger opposition in the House of Representatives, where Republicans are in charge.

Earlier Thursday, U.S. President Barack Obama spoke about measure, saying China has been “gaming” the international trading system by intervening in the foreign exchange markets to make its currency cheaper. But the president said he is concerned the bill may violate U.S. treaty obligations, or spark retaliation from China without solving the currency problem.

Mr. Obama said China’s actions hurt U.S. companies by making their goods more expensive in China and giving Chinese-made goods a price advantage on U.S. markets.

Mr. Obama said his administration has been “aggressive” in fighting for U.S. exporters.