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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World US Congress moves on China currency AFP - Saturday, September 25 Send IM Story Print US Congress moves on China currency Slideshow: Full Photo Coverage: Business & Economy WASHINGTON (AFP) - – A US Congress committee on Friday voted to open the way for retaliation against China over its currency, saying Beijing had failed to fulfill promises to let the yuan appreciate. Charging that China was deliberately undervaluing the yuan to boost exports, the House Ways and Means Committee voted to expand the powers of the Commerce Department to allow it to impose tariffs due to currency manipulation. Under longstanding regulations, the Commerce Department can only impose tariffs on foreign goods if the producer country directly subsidies an export. The committee sent the bill to the full House, which is expected to vote on the measure in the coming weeks. "China's exchange rate policy has a major impact on American businesses, and American jobs, which is what this is all about," said Representative Sandy Levin, a member of President Barack Obama's Democratic Party from economically struggling Michigan. Levin, who chairs the Ways and Means Committee, which handles tax policy, said that the yuan's appreciation had been miniscule despite China's pledges in the face of pressure ahead of the Group of 20 summit in June. "Additional measures are necessary, and that is why we are here today," Levin said. But members of the minority Republican Party opposed the bill, accusing President Barack Obama's Democratic Party of seizing on the measure as a last-ditch political measure ahead of tough November 2 elections. The House committee voted one day after Obama met in New York with Chinese Premier Wen Jiabao, devoting much of his two-hour meeting to the economy and insisting that Beijing needs to do more to revalue its yuan currency. But Wen made clear in a speech this week that China was not ready to allow a drastic revaluation of its yuan, saying that Chinese companies risked going bankrupt if Beijing yields to US pressure. Recommend Send IM Story Print Related Articles Apple launches iPhone 4 in China AFP - 1 hour 26 minutes ago RPT-UPDATE 2-Qatar signs deal to invest up to $5 bln in Greece Reuters - 1 hour 29 minutes ago CORRECTED - CORRECTED-VA Tech Wabag IPO subscribed 15.2 times on Friday Reuters - 1 hour 46 minutes ago India's fraud-hit Satyam seeks delisting from NYSE AFP - 1 hour 57 minutes ago Anil Ambani to buy stake in India commodity bourse-report Reuters - 2 hours 1 minute ago News Search Top Stories Russian spacecraft lands safely after delay LA judge sets bail to release Lohan: spokesman Spacecraft undocks from space station after delay Lindsay Lohan back in jail for failing drugs test O'Gara helps boot Munster to victory More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended US state executes first woman in nearly 100 years Facebook boss to make $100 mln school gift: report Great white sharks no cold-blooded 'Jaws' British monarch 'asked for heating handout' Japanese quizzed in China as maritime row escalates More Most Viewed » Climate: New study slashes estimate of icecap loss US state executes first woman in nearly 100 years US pastor puts Koran-burning on hold 'Time bomb' superbug requires global response: doctor Japanese rider Tomizawa dies in San Marino Moto2 GP More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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