Excerpt: Legislation that would pressure China to accelerate the value of its currency would likely have the opposite effect and result in a retaliation against U.S. exports, a coalition of business groups said Wednesday. Spearheaded by the U.S.-China Business Council, 51 trade associations with broad interests sent a letter to Senate leaders as well as each Senate office asking lawmakers to halt efforts to pass a measure…. The groups signing the letter include, the American Chambers of Commerce in China, Shanghai, South China and Southwest China as well as the American Soybean Association, Business Roundtable, Distilled Spirits Council of the United States, National Foreign Trade Council, Telecommunications Industry Association, and the U.S. Chamber of Commerce.http://thehill.com/blogs/on-the-money/1005-trade/182983-businesses-express-opposition-to-china-currency-legislation
