US senators in Beijing take soft line on yuan [View All]

US senators in Beijing take soft line on yuan
26 minutes ago

BEIJING (Reuters) - A U.S. Senate bill that would impose steep tariffs on Chinese goods unless Beijing significantly raises the value of the yuan has little chance of becoming law, a visiting senator said on Friday.

Sen. Arlen Specter (news, bio, voting record) said the legislation proposed by Sens. Charles Schumer and Lindsey Graham was "not exactly a front-runner Congressional proposal."

"It was never about to be passed," the Pennsylvania Republican told reporters.

Schumer, a New York Democrat, and Graham, a South Carolina Republican, said on July 27 they would demand a vote on their legislation unless Beijing responded positively by September 30.
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http://news.yahoo.com/s/nm/20060811/pl_nm/financial_china_senators_dc