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U.S. Legislation Targeting China Yuan Hits Republican Opposition

U.S. Senate legislation that would punish China for an undervalued currency ran into opposition from senators and a roadblock by House Speaker John Boehner, who said the bill was “pretty dangerous.”

Boehner’s opposition may derail a bill backed by 225 House members, including 61 Republicans. The bill is aimed at forcing China to address what Federal Reserve Chairman Ben S. Bernanke yesterday called a currency policy that’s “blocking what might be a more normal recovery process in the global economy.”