BIZCHINA / Center
China warns US Congress on trade bill
(Reuters)
Updated: 2007-06-13 11:20
A number of US politicians are preparing legislation that would penalize
imports from China to counter what they say is a yuan currency unfairly
undervalued by as much as 40 percent.
Related readings:
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revalue renminbi
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The Bush administration has also urged the Chinese government to
accelerate exchange rate reforms, including at a high-level economic
dialogue last month. But on Monday the Treasury Department said no more
legislation was needed to prod China to move faster.
Alan Holmer, the Treasury department's special envoy to China, would not
say whether Treasury would formally label China a currency manipulator in
a semi-annual report on foreign exchange practices of key trade partners
also due out on Wednesday.
Beijing says Washington's lax economic policies are to blame for the
trade gap.
"Economic and trade issues should not be politicized, and related
problems, especially ones arising from the US domestically, should not be
dragged into China-US economics and trade," Qin said.
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