US Senate Approves Bill To Force RMB Appreciation This Week Or Final Vote

According to foreign media reports,

With the slow economic recovery, the high unemployment rate and the spread of the debt crisis, the US Capitol Hill has again chosen to look for scapegoats from overseas.

At 17:30 on 3 local time, the US Senate voted on the RMB exchange rate bill to "punish" the so-called Chinese manipulation of the exchange rate.

In the end, the Senate passed the bill by a vote of 79 votes and 19 votes, which paved the way for the final vote. The final voting process is expected to take place as early as this week.

The Bill asked the US government to investigate whether China deliberately suppressed the value of the renminbi.

Once the bill comes into force, it means that any industry in the United States will be able to impose punitive tariffs on such goods if it can prove that it is "substantially damaged" by a country's undervalued exchange rate.

What is more serious is that

The proposal also advocates linking the exchange rate reform with the governance reform of the International Monetary Fund, which may deny the market economy status of the country.

However, the Republican leader of the house of Representatives responded coldly to the bill, and the White House did not support it.

The media also pointed out that the US House of Representatives is unlikely to carry out the bill.