Senate passes China currency bill

CNN, 11 October, 2011

WASHINGTON (CNNMoney) -- In a rare showing of bipartisanship, the Senate passed a bill on Tuesday targeting China's undervalued currency -- long accused of hampering the U.S. economy.

The Senate voted 63-35 to slap new duties on imports from nations whose currency is undervalued -- a provision aimed squarely at China's yuan. Lawmakers say the bill is intended to help U.S. businesses hurt by ongoing global trade imbalances and lost business to Asian nations.

But the Republican-controlled House won't take up the bill, Speaker John Boehner has said, making Senate passage more of a political exercise than an attempt at legislating. Boehner has called the bill "dangerous."

China opposes the bill and warns of a trade war if the bill passes.

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