US lawmakers quick to criticize China on currency drop

Staff Writer
Columbus CEO

WASHINGTON (AP) — U.S. lawmakers have been quick to condemn the sudden drop in the value of Chinese currency as damaging for American businesses and workers, reviving an issue that was once one of the biggest sources of tension between the two world powers.

Yet the initial response from the Obama administration officials has been mild, even positive. They say Beijing has indicated it is taking steps toward market-determined exchange rate - something that even China's biggest critics in Washington have been demanding for years.

China's territorial ambitions in the seas of East Asia and alleged cyber spying are bigger headaches in the relationship as China's leader prepares to visit the U.S. in September.

But a continued drop in the value of yuan against the dollar could become an issue of growing contention.