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 marketdetermined exchange rate – something that even China’s biggest critics in Washington have been demanding for years.
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