By  on July 25, 2007

WASHINGTON — The U.S. government came another step closer Tuesday to taking punitive action against China unless the economic powerhouse reforms its currency, the yuan, and its trade policies.

Senators sent out a fresh draft of a bill that targets countries, notably China, that undervalue their currencies, calling on them to take specific steps to reform their policies or ultimately face U.S. and World Trade Organization penalties. The Senate Finance Committee is set to consider amendments to the bill and vote on it Thursday.

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