US lawmakers press China on RMB

The US House of Representatives proposed punitive legislation this week, giving China 90 days to revalue its currency or confront a blanket tariff on its exports to the US, according to published reports. US Treasury Secretary John Snow denounced the bill calling for across-the-board tariffs if China does not revalue its currency, the renminbi, though he again called on China to adopt a more flexible exchange rate. Other proposed legislation threatens China with sanctions if it does make its currency more flexible and favorable to the US manufacturers but this legislation is more specific in giving a timeline. While unlikely to be signed into law, it is further indication of rising US frustration with China's monetary policy.