White House Reviewing Bill on China Currency, Carney Says
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The Obama administration views China’s currency as “substantially undervalued” and is reviewing legislation that aims to penalize the world’s second-largest economy, White House press secretary Jay Carney said.
“We share the goal” of pushing China to let its currency appreciate, Carney said, without saying whether the administration would support the measure, which has bipartisan sponsorship in the Senate. While China “has moved some” in allowing its currency to rise, it remains “substantially undervalued,” he said.