Economy

US House of Representatives passes yuan bill

(Xinhua)
Updated: 2010-09-30 07:04

WASHINGTON - The US House of Representatives on Wednesday passed a bill to press China to let its currency rise faster, amid accusations that China suppressed the value of its currency and placed a drag on US job creation.

Related readings:  Imposing pressure on?RMB won't work  US currency bill 'little help to its economy'  US House panel passes China currency bill  Wen: Don't blame yuan for deficit  Chinese currency not cause of US economic woes: economist

The House of Representatives Ways and Means Committee backed the proposed Currency Reform for Fair Trade Act last Friday, clearing the way for the full House to take up the measure this week.

With November's midterm elections approaching and pressure from recession-weary voters, US lawmakers were weighing bills that would slap sanctions on Chinese goods.

China Tuesday urged US lawmakers to recognize the importance of Sino-US trade and economic ties and to avoid protectionist measures against China.

Safeguarding healthy and stable development of the Sino-US trade and economic ties was in the common interest of both countries, said Chinese Foreign Ministry spokeswoman Jiang Yu.