Sander Levin, chairman of the House of Representatives ways and means committee, said that in the absence of a change in Chinese currency practices prior to next week’s G20 meeting, the US Congress will legislate to force China to let the renminbi appreciate, the Financial Times reported. "Seven years of patience from the United States and the international community have run out," said Levin, a Michigan Democrat who has previously cautioned against legislation as a means of forcing Beijing’s hand. Charles Schumer, the third-ranking Senate Democrat, has proposed a bill that would include a provision for US enterprises to treat currency undervaluation as an unfair subsidy, which would let it be included as part of countervailing duties imposed on certain imports.
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