U.S. business groups strongly against Chinese currency bill

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A group of leading U.S. business organizations on Tuesday urged the exclusion of a bill to pressure China to revalue its currency.

"We strongly oppose legislation that would allow the use of either the antidumping or countervailing duty law to address currency concerns," the group of top U.S. business agencies said in a joint letter.

The letter, signed by 36 business and farm groups, including the American Chamber of Commerce in China, the Business Roundtable, the National Foreign Trade Council and the Coalition of Service Industries, was addressed to the House of Representatives Ways and Means Committee Chairman Sander Levin, whose panel is to hold two days of hearings this week on the issue of Chinese currency, or yuan.

The proposed Currency Reform for Fair Trade Act would also appear to "violate the United States' commitments under the World Trade Organization rules" governing the calculation of antidumping duties and the types of subsidies that are subject to countervailing duties, according to the letter.

These business groups emphasized the importance of a "healthy and sustainable trading relationship with China", adding that " this goal will not be achieved through a singular focus on currency or the type of damaging and unilateral legislation proposed."

China announced on July 19, 2010 to proceed further with the reform of the yuan exchange rate regime to enhance its exchange rate flexibility.

"We should not undermine or violate the international rules that help our economy prosper" in an attempt to achieve those goals, said the letter.

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