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Time to cool China, US tempers

Business Times - 20 Mar 2010


Time to cool China, US tempers

A failure may result in another economic recession, and perhaps even a new cold war, from which no side would be able to decouple

By LEON HADAR
WASHINGTON CORRESPONDENT

MEMBERS of a bipartisan coalition of US lawmakers are accusing the Chinese of a plot to manipulate the value of its currency in order to boost its exports and make American imports harder to sell in China.

And the lawmakers have introduced legislation that would force the US Treasury to impose stiff penalties against China and other countries that are engaged in such unfair currency manipulation.

In the House of Representatives 130 members of the House of Representatives signed a letter protesting China's manipulation of its currency while in the Senate, a group of 14 Democrats and Republicans are pressing the Obama Administration to act against the Chinese.

The senators, led by liberal Democrat Charles Schumer from New York and conservative Republican Linds…