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Senate Triggers China Backlash as Bill Targets Yuan’s Value

The U.S. Senate passed a bill aimed at punishing China for keeping the yuan undervalued, triggering a backlash from Chinese officials who said the measure risks damaging trade relations and undermining the global recovery.

The Senate voted 63-35 for the legislation, which would let U.S. companies seek duties to compensate for “misaligned” currencies. House Speaker John Boehner said today he has “grave concerns” with the bill, casting doubt on whether it will become law. China protested in government statements.