金融英语阅读：U.S. House of Representatives passes bill on foreign currency

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　　WASHINGTON, Sept. 29 (Xinhua) -- The U.S. House of Representatives on Wednesday passed the proposed Currency Reform for Fair Trade Act, to allow the United States to seek trade sanctions against its trade partners for allegedly manipulating their currency, a new move of the nation's rising trade protectionism.
　　The House of Representatives Ways and Means Committee passed the bill last Friday, clearing the way for the full House to take up the measure on Wednesday.
  i2 i. N% E4 z8 |  w　　The 348-79 vote sends the measure to the Senate. The bill must gain Senate approval and be signed into law by President Barack Obama. Analysts hold that the bill, which is reportedly targeting China's currency, may never become law, as it faces an uncertain future in the Senate.
5 l5 S) S( j  L; k; c　　With November's midterm elections approaching and mounting pressure from recession-weary voters, U.S. lawmakers were weighing bills that would slap sanctions on Chinese goods.
0 _7 @! {: N0 M+ W# F　　However, some U.S. congressmen said on Wednesday in the general debate before the House voting that passing the bill could do nothing to solve the U.S. trade imbalance.
　　Representative Jeb Hensarling contended that the United States was still mired in a slow economic recovery, while passing the bill would not create more jobs for the nation but could trigger a trade war, adding that this was an "unwise policy."
: r9 [0 `% m) A6 m* d- R　　Representative Kevin Brady pointed out that passing this bill could not help the United States to achieve its goal, but would " do more harm than good."
! U4 ^4 R1 L9 F: f" V7 Y' I　　China on Tuesday urged U.S. lawmakers to recognize the importance of Sino-U.S. trade and economic ties and to avoid protectionist measures against China.
　　Safeguarding healthy and stable development of the Sino-U.S. trade and economic ties was in the common interest of both countries, said Chinese Foreign Ministry spokeswoman Jiang Yu.
　　China's central bank announced on Wednesday prior to the U.S. House vote that China would further improve the formation mechanism of the yuan exchange rate to increase its flexibility.
# G  V# s) n, r7 ?: o+ J* a( E2 O" a　　Related:
　　U.S. reaffirms commitment to deepen ties with China
. z& r, j2 m% F$ e$ j! ]　　WASHINGTON, Sept. 29 (Xinhua) -- Secretary of State Hillary Clinton on Wednesday congratulated Chinese people on their National Day and reaffirmed U.S. commitment to working with China to deepen bilateral relationship.

　　"On behalf of President (Barack) Obama and the people of the United States, I congratulate the Chinese people as you celebrate your 61st National Day on October 1," the secretary said in a statement posted on the official website of the State Department. Full story

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　　Chinese premier says no basis for drastic currency appreciation</p>　　NEW YORK, Sept. 23 (Xinhua) -- Visiting Chinese Premier Wen Jiabao said here Wednesday there was no basis for the drastic appreciation of the yuan, the Chinese currency.
' W% L+ G! d& ]- @3 T3 ~/ O% q  U; U0 }　　During a speech at a welcome banquet by U.S.-China friendship organizations, Wen said the issue of the yuan exchange rate was an economic one and must not be politicized. Full story
　　Geithner cautions against measures on China over currency
" {5 _9 [! N7 V7 E5 x, Q) k　　WASHINGTON, Sept. 17 (Xinhua) -- Amid an outcry in the United States to pressure China on its currency exchange rate, Treasury Secretary Timothy Geithner on Thursday cautioned against punishment measures.
　　Geithner indicated that such measures could backfire as China is the fastest-growing major overseas market for the United States. The two countries have "significant economic interests" in their relationship, he told the U.S. Senate Committee on Banking, Housing and Urban Affairs. Full story
, e$ z" ?- U5 y1 _6 W/ r8 Z　　Chinese currency not cause of U.S. economic woes: economist
　　BEIJING, Sept. 20 (Xinhua) -- Structural problems with the United States rather than China's currency were responsible for the current difficulties facing the world's largest economy, an economist said on Monday.
; B# ^! a0 ~' Q9 t& `- J* p7 N　　"The current anti-China moves in the U.S. Congress are purely a publicity attempt to distract attention from the real problems facing the U.S. economy," John Ross, a visiting professor at Antai College of Economics and Management, Shanghai Jiaotong University, told Xinhua. Full story
% Y8 p9 {3 j% s; o0 `$ z　　U.S. scholar says Chinese currency issue "90% political and 10% economic"
　　BEIJING, Sept. 21 (Xinhua) -- John Naisbitt, an U.S. futurist and the author of the best-seller "Megatrends," said Tuesday arguments about the Chinese currency are "90 percent political and 10 percent economic."
　　Naisbitt made the remarks here at a seminar hosted by the China Center for International Economic Exchanges (CCICC).