UPDATE 2-US Senate personality eyes movement on China banking check

Fri Apr 9, 2010 4:44pm EDT Related News Senate personality eyes movement on China banking billFri, Apr 9 2010Senate personality eyes movement on China banking billFri, Apr 9 2010UPDATE 2-Geithner, Wang sell views on US-China concernsThu, Apr 8 2010Geithner, Wang sell views on U.S.-China concernsThu, Apr 8 2010Geithner, Wang sell views on U.S.-China concernsThu, Apr 8 2010

(Adds item on Hu visit, Reid minute in December)

Global Markets

By Doug Palmer

WASHINGTON, Apr 9 (Reuters) - The U.S. Senate could voteby the finish of May on legislation to poke China to lift thevalue of the currency, a mouthpiece for Senate Majority LeaderHarry Reid pronounced on Friday.

"If China does not satisfactorily residence the concernsraised by the banking policy, this legislation could come tothe building in a little form during the arriving work period," Reid"sspokeswoman said.

The notice came only a couple of days prior to Chinese PresidentHu Jintao will be in Washington for a chief security summithosted by U.S. President Barack Obama.

Reid wrote Hu in December to urge a "significantrevaluation" of China"s currency, well known as the renminbi (RMB)or yuan.

"China"s banking process has been causing vital distortionsin the universe economy for as well most years already, and iscontinuing to do so now," Reid pronounced in the December 9 letter.

"I idea you would cruise a poignant revaluation tobring the worth of the RMB in line with mercantile fundamentals,and after that, to lapse to a some-more strong version of the"managed float" that your supervision formerly maintained,"Reid said.

Earlier this week, U.S. Treasury Secretary Timothy Geithnermade a warn outing to Beijing to encounter with Chinese VicePremier Wang Qishan.

The visit, entrance before long after Geithner motionless topostpone an Apr fifteen inform on either China or any othercountry is utilizing the banking for an astray tradeadvantage, has fueled expectations Beijing competence lift thevalue of the banking by a slight volume over the weekend.

Many U.S. lawmakers, such as senators Charles Schumer andLindsey Graham, hold China"s banking is undervalued by asmuch as 40 percent and have been dire for movement on a billthat would concede new duties on a little Chinese goods.

"Senator Reid has talked to Senator Schumer and supportsthe idea of this legislation," the Reid mouthpiece said.

The Senate, that earnings subsequent week from a break, isscheduled to be in event until the subsequent mangle for the U.S.Memorial Day legal holiday in late May. (Editing by Dan Grebler and Leslie Adler)

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