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China Says U.S. Bill Risks Trade War

Proposed legislation would impose penalties on countries with undervalued currencies.

By Sophie Leung, William McQuillen, Bloomberg | Updated on October 04, 2011

China said that the U.S. risks triggering a “trade war” with legislation being considered by the Senate to punish the Asian nation for a currency that lawmakers say is undervalued.

The People’s Bank of China said it “regrets” a Senate vote yesterday to consider the bill and the Foreign Ministry said the measure would violate World Trade Organization rules, in statements on their websites today.

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