The White House expressed concern about Congress’s bill on the RMB exchange rate

The White House expressed concern about Congress’s bill on the RMB exchange rate [Qiaobao.com] The White House of the United States said on the 5th that the U.S. government has criticized the Senate for punishing China...

The White House expresses concern about Congress's bill on the RMB exchange rate [Qiaobao.com] The White House said on the 5th that the U.S. government is concerned about the Senate's bill to punish China for "exchange rate manipulation." White House spokesman Carney said that day that this legislative action raised concerns about the consistency of the United States' international obligations. "We are discussing these issues with members of Congress." Carney also said those concerns should be addressed if the bill moves forward. However, he did not provide further details about the White House's concerns. The U.S. Senate voted procedurally on the 3rd to pass the "Currency Exchange Rate Supervision Reform Act of 2011" project proposal. This bill ties exchange rate manipulation to trade subsidies, requiring the U.S. government to investigate whether major trading partners have directly or indirectly depressed the value of their own currencies and provided subsidies for their exports. Once the exchange rates of major trading partners are determined to be undervalued, the United States will impose punitive tariffs on them. The outside world generally believes that this move is mainly aimed at China and is intended to force the yuan to appreciate faster. The Senate's procedural vote passed that day, which means that the bill will enter the next step of the Senate's voting process. If passed by the full Senate, the bill would have to pass the House of Representatives before being sent to the president to be signed into law. However, leaders of the U.S. House of Representatives, currently dominated by Republicans, have reservations about the bill. The Chinese Ministry of Foreign Affairs expressed firm opposition to this move by the U.S. Senate, saying that the case used the so-called "currency imbalance" as an excuse to further escalate the exchange rate issue and adopt protectionist measures, seriously violating WTO rules and seriously disrupting Sino-U.S. economic and trade relations. At the same time, American business organizations, mainstream media, research institutions, etc. have also expressed opposition to this bill, believing that it will only be counterproductive and not beneficial to the United States.