US lawmakers have threatened to introduce legislation to allow the US to treat Chinese currency undervaluation as an illegal export subsidy, dismissing recent appreciation of the renminbi as “too little, too late”.
Tim Murphy, a Republican congressman from Pennsylvania and co-sponsor of the bipartisan bill, said on Wednesday: “The American people are calling for Washington to create jobs. Since the administration won’t hold China accountable, the Congress must.”
China let its currency rise again on Wednesday for the fifth trading day in a row, bringing the appreciation of the Chinese currency against the dollar over the last week to 0.8 per cent – a relatively large move in the context of China’s highly cautious currency management.
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