US senator looks to revive renminbi bill

US Senator Charles “Chuck” Schumer sent a letter to his colleagues saying he will soon revive a bill to force China to raise the value of the renminbi, Bloomberg reported. The legislation will allow US firms to slap duty taxes on Chinese imports with the aim of counteracting what Schumer alleges is an artificially undervalued renminbi. It is “one of the few issues where you get unanimity across the board,” said fellow Senator Bob Casey, a co-sponsor of the legislation. Schumer has attempted similar legislation in recent years, to no avail. China’s currency was de-pegged from the US dollar in June of last year. While the currency is reckoned to have appreciated by double-digit amounts in real terms since then, some analysts and US politicians have been frustrated by the perceived slow pace of change.