A top US senator issued a statement Thursday censoring China for undervaluing its currency and calling for legislation to force the country to let its currency float, Reuters reported. China’s central bank governor, Zhou Xiaochuan, “repeatedly sought to portray the yuan’s recent gains against the dollar as adequate even though more aggressive appreciation is clearly needed,” Charles Schumer, the US senator from New York, said following his visit to Beijing last week. “I made clear to him that this would leave the US Congress with no choice but to respond,” he said. Top Chinese officials are scheduled to travel to the US in a few weeks for talks with the US Secretary of State Hillary Clinton and Treasury Secretary Timothy Geithner. “Confronting this issue is an economic imperative,” said Schumer, the No. 3 ranking Democrat in the Senate.
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