currency

Senators: Address China Currency Manipulation in TPP

The Ohio senators are leading a new call for currency provisions in the TPP. (Douglas Graham/CQ Roll Call File Photo)

With Chinese President Xi Jinping due at the White House next week, seven senators are making a new push against currency manipulation.  

The lawmakers, led by Republican Rob Portman and Democrat Sherrod Brown of Ohio, want to see currency devaluation addressed as part of the ongoing Trans-Pacific Partnership trade talks, citing recent moves by both Vietnam and South Korea in response to China's adjusting the value of its currency, the yuan.  

White House Wants Currency Enforcement Bill (Video)

The White House called Thursday for Congress to send President Barack Obama a currency enforcement bill — an issue that has added urgency given the roiling of financial markets after China devalued the yuan.  

Asked about China's recent devaluation, Press Secretary Josh Earnest called on Congress to reconcile differences between House- and Senate-passed currency bills. Those provisions could be used to counter currency manipulation from other countries, not just China, Earnest said.