US lawmakers to relaunch China currency bill

A bipartisan group of US lawmakers in the House of Representatives plans to begin a fresh drive to pass legislation that would clear the way for the US Department of Commerce to label China a currency manipulator, Reuters reported. The bill’s passage would allow US companies to apply for countervailing duties to be applied to Chinese imports on a case-by-case basis. The bill argues that China’s controlled exchange rate against the dollar is equivalent to a direct subsidy paid to Chinese manufacturers. The bill passed the lower house last year by a vote of 348-79, but died on the Senate floor, and its chances of ultimate passage this year are tougher now that the House of Representatives has shifted to the political right.