US Senator Schumer: Congress must up pressure on China

WASHINGTON, June 20 (BestGrowthStock) – U.S. Senator Charles
Schumer said on Sunday China’s gradual approach to lifting its
currency peg amounted to “backing off” its promises, and urged
strong legislation that might force further changes.

A day after announcing fresh changes to its exchage rate
regime, China on Sunday explicitly ruled out a one-time
revaluation of the yuan, which U.S. officials say is
artificially — and unfairly — low.

“Just a day after there was much hoopla about the Chinese
finally changing their policy, they are already backing off. It
vindicates our initial skepticism,” said Schumer, a prominent
voice on the issue of China’s exchange rate in Washington.

“We intend to move forward as quickly as possible with
legislation,” he said. “It is only strong legislation that will
get the Chinese to change and will stop jobs and wealth from
flowing out of America as a result of unfair trade policies.”

Money

(Reporting by Pedro Nicolaci da Costa and Thomas Ferraro,
Editing by Sandra Maler)

US Senator Schumer: Congress must up pressure on China