US Senate passes bill to pressure China on yuan

The US Senate has voted through a bill which aims to punish China for keeping its currency artificially undervalued.

The legislation passed the Democrat-led Senate 63-35, putting it through to the House of Representatives, according to the BBC. However, China's foreign ministry is opposing the bill, saying it "obstructs China-US economic relations and trade". US lawmakers said the vote was a signal that it is time to confront China over its trade policies. "There are always people who don't want to stand up to China and I think they are, frankly, undercutting our ability to stop the haemorrhaging in our manufacturing jobs," said Democrat Ohio Senator Sherrod Brown. If passed into law, the bill...