WASHINGTON (Reuters) - A key panel in the U.S.
House of Representatives has scheduled a business meeting on
Friday to vote on legislation pressuring China to revalue its
currency, according to a committee notice.
The House Ways and Means Committee will meet Friday morning
to consider an amendment crafted by House Ways and Means
Committee Chairman Sander Levin, the notice said.
"The bill, as considered by the Ways and Means Committee,
will modify the original legislation introduced by
Representatives Tim Ryan (D-OH) and Tim Murphy (R-PA) to make
it fully consistent with World Trade Organization (WTO) rules,"
Levin said in a statement.
The legislation, which is certain to irritate Beijing,
would essentially treat China's "undervalued" currency as an
export subsidy and allow the Commerce Department to impose
countervailing duties to offset the undervaluation.
U.S. companies applying for the duties would have to show
they have been injured by China's exchange rate practices.
(Reporting by Doug Palmer; Editing by Doina Chiacu)