US House panel passes bill to pressure China on appreciation

The US House Ways and Means Committee has passed a bill that could pave the way for the Commerce Department to introduce punitive tariffs on Chinese goods if China does not pursue a more rapid revaluation of the renminbi, Bloomberg reported. The bill will go to the US House for a vote this week. Speaking after the committee’s passage of the bill, Democratic Leader Steny Hoyer said, "We cannot wait any longer to level the playing field for US businesses and protect American manufacturing jobs." US President Barack Obama also pressed the currency issue with Premier Wen Jiabao during Wen’s visit to New York last week. Wen said significant appreciation could create widespread social instability in China.