U.S. Senate passed bills to become involved in legal currency there are two closed

China news agency, Washington, October 11 (Reporter Wu Qingcai) - 11, United States Senate voted to pass the bill related to the RMB exchange rate. To become a legal case over two hurdles need: access to the House of Representatives passed, signed into law by Obama.

The day the Senate 63 votes to 35 votes to pass this "2011 currency exchange rate surveillance reform bill." Although the bill does not explicitly point to the RMB, but it is widely believed that the proposal focused on the RMB exchange rate.

The bill would bind to manipulate the exchange rate and trade subsidies, the U.S. government investigate the existence of major trading partners, either directly or indirectly depress their currencies, and export subsidies for their own behavior. Once the major trading partners undervalued exchange rate is determined, the United States will impose punitive tariffs on its.

Accordance with the procedures, this bill needs at least two procedures: access to the House of Representatives passed and Obama signed the order to become law. But after Republican House Speaker John Boehner and U.S. President Barack Obama opposed this bill, the House of Representatives pass the bill outside the forecast difficult, even cross the border, Obama could veto.

Obama on Monday said he was worried that the RMB exchange rate bill passed by Congress may not comply with international treaties and obligations. He said: "I do not want us to bill passed, only symbolic, to know that the bill may not be the WTO's support."

Boehner recently talked about the RMB exchange rate when Anpi, congressional legislation to force the appreciation of the renminbi is "ultra vires act," especially in the United States and the world economic outlook uncertain, the move could trigger a trade war, " very dangerous. "

The bill has also been more than 50 U.S. business groups opposed the joint. The group said, by the RMB exchange rate against Chinese goods violate WTO impose punitive tariffs on the relevant provisions, may lead to Chinese retaliation. At the same time that the RMB exchange rate against the unilateral actions to boost U.S. employment does not help.

RMB exchange rate issue has become a topic of U.S. presidential election, between Republican presidential candidates have differences. Romney currently holds top-ranking approach to punish China; and had the "frontline" experience of the former U.S. Ambassador Jon Huntsman is opposed to this bill that the two largest economies in the world's most reluctant to see the relationship between is a trade war, especially in times of economic recession facing the United States.

Chinese Vice Foreign Minister Cui 10, warned that if the RMB exchange rate against the bill through and become law, will lead to Sino-US trade war, suffer, in addition to not conducive to the development of Sino-US economic and trade relations, the U.S. economic recovery and increase employment, and world economic growth, will also affect the overall development of Sino-US relations.