(1012 CR M02)CHINA OPPOSES CURRENCY BILL

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(1012 CR M02)CHINA OPPOSES CURRENCY BILLDATELINE: Oct. 12, 2011LENGTH: 00:02:44PKGINTROU.S. Senate Tuesday passed a bill which threatens to punish China for so-called "currency manipulation" with retaliatory tariffs. It aims to to press China to let its currency rise further.China has expressed its strong opposition.Find out the details.PKGThe bill, named Currency Exchange Rate Oversight Reform Act, was passed in a vote of 63-35 at the Senate.It is especially directed at China's currency, the yuan, which the U.S. claimed is undervalued to make Chinese exports to the U.S. cheaper.The bill would allow the U.S. government to slap countervailing duties on goods from countries found to be manipulating their currencies to subsidize their exports. Before the bill becomes a law, it would have to clear the House of Representatives and then be signed by President Barack Obama. Obama last Thursday expressed "concerns" about the bill, saying it could violate international rules.The bill comes ahea
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Producer : Xinhua News Agency

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