Related News
China expects US to review yuan appreciation bill
By Wang Yanlin |
October 12, 2011, Wednesday
|
Online Edition
Online Edition
CHINA expected the United States to review its stance on the yuan in an objective and rational way after the US Senate yesterday passed a controversial currency bill that tried to pressure China into appreciating the yuan.
"It is key moment for the global economic recovery. However, the bill passed by the US Senate on Tuesday sends a false signal of escalating trade protectionism that will weaken the recovery process," said Shen Danyang, a spokesman at the Ministry of Commerce in a written statement.
"The bill severely violates the international rule, putting a stable Sino-US economic and financial relationship at risk while running against the global efforts of fighting against protectionism," Shen said.
Foreign Ministry spokesman Ma Zhaoxu also said the move was completely harmful and unbeneficial.
"China called on the US government, Congress and various communities to firmly oppose the wrongdoings of pressuring the yuan exchange rate by a US legislation," Ma said. "We should resist protectionism, resist politicization of economic and trade issues, and safeguard the healthy development of Sino-US relations."
The remarks were in response to the passing of the Currency Exchange Rate Oversight Reform Act by the US Senate in a vote of 63 against 35 on yesterday. The bill, if it becomes law, would allow the US to raise tariffs on Chinese imports that the US claimed are unfairly cheap due to an undervalued yuan.
Tan Yaling, president of the China Forex Investment Research Institute, said the act was not reasonable because the US adopted wrong criteria to judge China that remains a developing country and whose currency is not fully convertible.
"A sharply rising yuan will be very dangerous. It will do harm to the already shaky global economic recovery while doing nothing good for the US joblessness," Tan said. "The US should realize that China is a partner, not a rival, in terms of bilateral trade. Otherwise, it will be a lose-lose situation and both countries will get hurt."
Dan Steinbock, research director of international business at the India, China and America Institute, an independent think tank based in the US, said the bill would face overwhelming hurdles before it can finally become law.
"Backing for the bill comes from the pressure of political positioning for the 2012 presidential election," Steinbock said in a recent article. "After all, the White House is wary of unilateral sanctions against China, and shows little interest in bringing the bill to a vote."
The American Chamber of Commerce in China also criticized the bill as a threat to trade and financial relations.
"The Senate bill would damage the bilateral trade and investment relationship, weaken our standing in the World Trade Organization, and damage our national interests," chamber Chairman Ted Dean was quoted as saying by the Associated Press. "We oppose it. It should not become law."
The currency legislation will set in motion higher tariffs on a country if the US Treasury Department decides its currency is "misaligned" and the country does not act to correct it. Currently, the Treasury must resolve that a country is willfully manipulating its currency before considering any sanctions, and it is a higher bar to reach, earlier media reports said.
"It is key moment for the global economic recovery. However, the bill passed by the US Senate on Tuesday sends a false signal of escalating trade protectionism that will weaken the recovery process," said Shen Danyang, a spokesman at the Ministry of Commerce in a written statement.
"The bill severely violates the international rule, putting a stable Sino-US economic and financial relationship at risk while running against the global efforts of fighting against protectionism," Shen said.
Foreign Ministry spokesman Ma Zhaoxu also said the move was completely harmful and unbeneficial.
"China called on the US government, Congress and various communities to firmly oppose the wrongdoings of pressuring the yuan exchange rate by a US legislation," Ma said. "We should resist protectionism, resist politicization of economic and trade issues, and safeguard the healthy development of Sino-US relations."
The remarks were in response to the passing of the Currency Exchange Rate Oversight Reform Act by the US Senate in a vote of 63 against 35 on yesterday. The bill, if it becomes law, would allow the US to raise tariffs on Chinese imports that the US claimed are unfairly cheap due to an undervalued yuan.
Tan Yaling, president of the China Forex Investment Research Institute, said the act was not reasonable because the US adopted wrong criteria to judge China that remains a developing country and whose currency is not fully convertible.
"A sharply rising yuan will be very dangerous. It will do harm to the already shaky global economic recovery while doing nothing good for the US joblessness," Tan said. "The US should realize that China is a partner, not a rival, in terms of bilateral trade. Otherwise, it will be a lose-lose situation and both countries will get hurt."
Dan Steinbock, research director of international business at the India, China and America Institute, an independent think tank based in the US, said the bill would face overwhelming hurdles before it can finally become law.
"Backing for the bill comes from the pressure of political positioning for the 2012 presidential election," Steinbock said in a recent article. "After all, the White House is wary of unilateral sanctions against China, and shows little interest in bringing the bill to a vote."
The American Chamber of Commerce in China also criticized the bill as a threat to trade and financial relations.
"The Senate bill would damage the bilateral trade and investment relationship, weaken our standing in the World Trade Organization, and damage our national interests," chamber Chairman Ted Dean was quoted as saying by the Associated Press. "We oppose it. It should not become law."
The currency legislation will set in motion higher tariffs on a country if the US Treasury Department decides its currency is "misaligned" and the country does not act to correct it. Currently, the Treasury must resolve that a country is willfully manipulating its currency before considering any sanctions, and it is a higher bar to reach, earlier media reports said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
