US Senators on Friday alleged that China continues to deny the practice of currency manipulation and strongly refuted the Chinese statement that the value of the Yuan was at a reasonable level and it is not pursuing a trade surplus with the US.
"China continues to deny that it has an unfair trade advantage and refuses to end the practice of currency manipulation," said Senator Debbie Stabenow, who has introduced the Currency Reform for Fair Trade Act in the Congress.
Stabenow's legislation provides a clear definition and methodology for determining currency manipulation which will help prevent foreign countries from gaining an unfair competitive advantage at the cost of American jobs.
The bipartisan legislation is also co-sponsored by Senators Sherrod Brown, Jim Bunning, Bob Casey, Russ Feingold, Carl Levin, Allen Spector and Olympia Snowe.
"Yesterday, President (Barack) Obama stated that his administration is going to get much tougher on countries like China that manipulate their currency and put Americans out of work," said Stabenow, adding that as a long-time proponent of a level playing field for US manufacturers and businesses he could not agree more.
"It is time to pass my legislation which will ensure that our laws provide mechanisms to punish countries for manipulating their currency, so US workers are not put at a competitive disadvantage," he said.