The U.S. Senate voted to pass a bill aimed at forcing the RMB to appreciate.

The U.S. Senate voted to pass a bill aimed at forcing the RMB to appreciate. (Reprinted from Xinhuanet) On the 11th, despite strong opposition at home and abroad, the U.S. Senate voted on 63...

(Reprinted from Xinhuanet)

On the 11th, despite strong opposition at home and abroad, the U.S. Senate passed the Currency Exchange Rate Supervision Reform Act of 2011 with a vote of 63 in favor and 35 against.

The main content of the bill is to require the U.S. government to impose punitive tariffs on major trading partners with so-called "undervalued exchange rates." The outside world generally believes that this move is mainly aimed at China and is intended to force the yuan to appreciate faster. After being approved by the Senate, the bill needs to be passed by the House of Representatives and signed by President Obama before it can become law.

This bill with obvious protectionist overtones has aroused opposition from many people from all walks of life in the United States. U.S. President Obama said on the 6th that he was worried that the bill might be "incompatible with international treaties and obligations" and would not be supported by the World Trade Organization. Speaker of the U.S. House of Representatives John Boehner expressed disapproval of the bill, saying it would be a "dangerous" move.

Chinese Vice Minister of Foreign Affairs Cui Tiankai said on the 10th that the US Senate bill does not reflect the reality of Sino-US economic and trade relations, and will also bring harmful factors to the future development of economic and trade relations between the two countries.