China’s currency policy ‘predatory’

Washington: US politicians have faulted China’s currency policy as predatory as they disagreed on the need for legislation that would punish China for keeping its currency undervalued.

Representative Tim Ryan, an Ohio Democrat and co-sponsor of legislation letting companies seek duties on Chinese imports, said China is violating trade laws and the bill would give the US tools to combat undervalued currencies.

“It’s now time for our country to have the guts to stand up and take a strong stand against China’s currency manipulation,” Mr Ryan said in testimony to the House Ways and Means Committee.