US senator: Use CNOOC bid to fix trade issues

On China: Senator argues CNOOC deal offers leverage

Scanpix/AFP

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By News wires

 27 July 2012 21:17 GMT

Senator Charles Schumer said on Friday that the Obama administration should use a bid by China's state-run CNOOC for Canadian oil company Nexen  as leverage to fix long-standing trade and investment issues with China, a report said.

Schumer, who has made criticism of China's economic policies a hallmark of his career, has argued that China fixes the value of its currency too low, creating unfair trading conditions, Reuters reported.

He said in a statement that he does not object to CNOOC's $15.1 billion deal on its merits.

But in a letter to Treasury Secretary Timothy Geithner, Schumer suggested the United States should try to further its trade agenda when it reviews the $15.1 billion deal.

"It is rare that we have so much leverage to exert upon China. We should not…

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