Business groups oppose currency bill

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Friday, September 23, 2011

A coalition of 51 trade associations in a letter to Senate leaders Wednesday opposed efforts to advance a bill pressuring China to speed up appreciation of its currency, which critics say makes the dollar more expensive by comparison and hurts U.S. exports. While acknowledging that China needs to do more to move to a market-oriented exchange rate for the yuan, the coalition said unilateral legislation would be “counterproductive” in terms of getting China to reform its currency poli...

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