U.S. industry groups lobby against China yuan bill

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LOS ANGELES (MarketWatch) -- Major U.S. industry groups sent an open letter to Senate leaders Wednesday, urging against planned legislation to pressure China into speeding up the appreciation of its currency. In the letter addressed to Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell, the groups said that while they agree on the need for a more flexible dollar-yuan exchange rate, "unilateral legislation on this issue would be counterproductive" and "will not create significant new jobs here at home." They said such a move could hurt efforts on other fronts, including lobbying for more intellectual property protection in China and greater market access for U.S. firms. They also expressed doubt over whether taking the currency issue to the World Trade Organization would prove successful. The more than 50 signatories included the U.S. Chamber of Commerce, the Consumer Electronics Association, the National Retail Federation, the Business Roundtable, the U.S. Meat Export Federation, and the Aerospace Industries Association.


http://www.marketwatch.com/story/us-industry-groups-lobby-against-china-yuan-bill-2011-09-21