US proposes law on China currency peg
The "Chinese Currency Act of 2005" is the latest of a series of bills filed in Congress against China's currency peg linking the yuan to the US dollar, which many observers say has left the yuan vastly undervalued at the expense of US industry.
Lawmakers said the legislation would be introduced in the House of Representatives by Republican California Representative Duncan Hunter and Democratic Ohio Representative Tim Ryan and had won widespread backing.
"There is a compelling argument for this bill, including from the national security standpoint," Hunter, who heads the House of Representatives powerful Armed Services Committee, told a news conference.
Ryan said support for the bill was gathering momentum and that it "will be very difficult" for President George W. Bush and his administration to "blow this off."
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