Schumer Says Dealing with China Currency Issue an ‘Economic Imperative’

Senator Chuck Schumer (D-NY) says “lawmakers should act on legislation retaliating against Beijing’s alleged currency manipulation,” the AFP reports.

"Confronting this issue is an economic imperative," Democratic Senator Chuck Schumer said in a statement that noted he met last week with People’s Bank of China Governor Zhou Xiaochuan.

"I am more convinced than ever that legislation is needed to force countries like China that manipulate their currencies to play by the rules and let their currencies freely float," said Schumer.

US lawmakers charge Beijing keeps its currency — and thereby its exports — artificially cheap, hurting their US competitors at a time of deep US worries about historically high unemployment.

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