US Administration Officials Condemn Senate China Currency Bills

WASHINGTON -(Dow Jones)- A trio of Bush administration officials Tuesday condemned Senate legislation aimed at pressuring China to change its currency regime, saying the bills amounted to the "wrong approach."

In a letter signed by U.S. Treasury Secretary Henry Paulson, Commerce Secretary Carlos Gutierrez and U.S. Trade Representative Susan Schwab, the officials said two Senate measures "would substantially weaken the position of the United States in our ongoing efforts to achieve essential economic reforms in China and around the world, while jeopardizing our rapidly growing exports that have benefited American workers and farmers."

Last week, the U.S. Senate Finance Committee approved a bill that would open the way for punishing China over monetary policy.

article::: FXStreet

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