U.S. chamber opposed to Senate passage of China currency legislation

The U.S. Chamber of Commerce in China on Wednesday voiced its opposition and "regret" at the U.S. Senate's passage of a bill designed to push China to let the yuan appreciate further. The bill, known as the Currency Exchange Rate Oversight Reform Act of 2011, was passed by a vote of 63-35 at the Senate on Tuesday. "We believe the provisions of the bill are unnecessary and would be counterproductive to the goal of protecting U.S. employment," the American Chamber of Commerce in China (AmCham-China) said in a statement. "The Senate bill would damage the bilateral trade and investment relationship, weaken our standing in the World Trade Organization, and damage our national interests," AmCham-China Chairman Ted Dean was quoted in the statement. "We oppose it; it should not become law," he said in the statement. "We urge the House of Representatives to refrain from taking further action on the bill." The AmCham-China also called for support of U.S. employment by increasing exports through the National Export Initiative. China has been the fastest-growing American export market over the past decade and now ranks as the third largest market for U.S. goods and services. Headquartered in Beijing, AmCham-China is a national non-profit organization representing the interests of some 2,600 companies and individuals doing business throughout China.