China currency sanctions hit snag on Capitol Hill

[WestVirginiaRebel]

Washington Times:

House Speaker John A. Boehner on Tuesday warned it would be “dangerous” for Congress to try to pass a law punishing China over its currency value, throwing a roadblock in front of senators who are moving quickly to pass a bill to do just that.

Mr. Boehner said he is concerned that China may be manipulating the value of the yuan, but threw cold water on the idea that Congress is the place to force the issue.

“I think it’s pretty dangerous for us to move legislation in the United States Congress forcing someone to deal with the value of their currency,” the Ohio Republican told reporters at the Capitol.

“This is well beyond I think what the Congress ought to be doing. While I’ve got concerns about how the Chinese dealt with their currency, I’m not sure this will fix it,” he said.

China, meanwhile, warned that if Congress passed a law on its currency, it could ignite a trade war between the two nations.
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