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China opposes US currency bill

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1China opposes US currency bill Empty China opposes US currency bill Mon Oct 03, 2011 10:53 pm

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http://english.aljazeera.net/news/asia-pacific/2011/10/201110413310367850.html


China's foreign ministry has said it "adamantly opposes" a bill pushed by the US Senate that will allow the country to impose duties on countries that undervalue their currencies.

In a statement posted on China's official government website on Tuesday, the ministry said the US was "using the excuse of 'currency imbalances'" to adopt protectionist trade measures that violated World Trade Organisation rules.

The Senate voted on Monday to advance legislation designed to press China to let its currency, yuan, rise in value.

The move has set up a debate between lawmakers who say the bill will create jobs and critics who warn it could spark a trade war.

More than 60 senators voted to allow debate on the bipartisan Currency Exchange Rate Oversight Reform Act of 2011, which would allow the US government to slap countervailing duties on products from countries found to be subsidising their exports by undervaluing their currencies.


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