BREAKING NEWS

US administration talking to Senate about yuan bill

By REUTERS

OCTOBER 4, 2011 14:39

WASHINGTON - The Obama administration has begun discussions with the Senate about whether a bill aimed at forcing China to let its currency rise is "the right approach" to the long-running currency issue, a top US official said on Tuesday.

Acting US Commerce Secretary Rebecca Blank told CNBC that the best solution to what American officials view as an undervalued Chinese currency remains "an open question," despite signs of bipartisan support for legislation that has raised angry warnings of a potential trade war from Beijing.

"The administration is talking with people in the Senate about whether this bill is the right approach or whether there are other approaches to take," she said. "Those conversations are under way."

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