Posts

Showing posts from October 4, 2010

US bill on China's yuan is just smoke and mirrors

Business Times - 05 Oct 2010


US bill on China's yuan is just smoke and mirrors

By LEON HADAR
WASHINGTON CORRESPONDENT

JUST as US lawmakers were getting ready to leave Washington and return to their districts where they would be bashing each other as part of the heated midterm election campaigns, they found the necessary political will to provide a rare display of, yes! bipartisan cooperation.

Indeed, the members of one of the most polarised House of Representatives in American history - Democrats, Republicans and Independents, liberals and conservatives, progressives and tea partiers - seem to all come together last Wednesday evening. After all, it was China-Bashing time, which happens to be the most effective way to bring the nation together.

By a vote of 348-79 and wide bipartisan margin, the House passed a bill aimed at penalising China for manipulating its currency, something that China has denied doing. If passed into law - a big 'if' indeed - the legislation would allo…