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Controversial U.S. currency bill risk trade war: Boehner

(Xinhua)

08:44, October 13, 2011

WASHINGTON, Oct. 12 (Xinhua) -- A controversial currency bill passed by the U.S. Senate on Tuesday posed a "very severe risk" of a trade war, U.S. House of Representatives Speaker John Boehner warned on Wednesday.

Boehner told reporters on Wednesday that given the volatility of the global markets and the world economy, this measure will lead to unintended consequences.

The U.S. Senate on Tuesday passed the controversial currency bill which threatens to punish China for so-called "currency manipulation" with retaliatory tariffs, despite strong opposition from China and many U.S. business groups.

The Currency Exchange Rate Oversight Reform Act, sponsored by Senators Charles Schumer, Sherrod Brown and other Democratic and Republican Senators, cleared the Senate on Tuesday. The bill is especially directed at China's currency, the yuan, which the United States claimed is undervalued to make Chinese exports to the United States cheaper.

The prospects of the bill becoming law remains in doubt with House Republican leaders' opposition to the measure, as the bill still has to clear the Republican-led House and then be signed by U.S. President Barack Obama before becoming law.

Experts held that Boehner's opposition could kill the bill before any vote on the House floor. Boehner last week called the legislation a "dangerous" move.


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