BEIJING, April 12 -- The United States has been pressing hard for a revaluation of the renminbi, but Chinese trade experts say it won't benefit trade deficit cut for the US.     

    They also say there is no hurry for the exchange rate adjustment.      

    The US Senate passed a bill last week, saying it would slap a 27.5 percent tariff on Chinese imports if China does not revalue its currency within six months.     

    Chinese Foreign Ministry has immediatedly responded to the new bill, saying the US should look at domestic means to restore its trade balance.     

    Meanwhile, financial experts in China believe the US is trying to politicize the currency issue.

    Professor Zhou Shijian, a senior trade expert from the Beijing-based Chinese Association for American Studies, said says a revaluation of the yuan will not affect the US trade deficit.     

    "What the United States has done is to claim that because China has profited from controlling its exchange rate, it should be responsible for the US trade deficit. However, whether China revalues its currency or not will not be helpful for the United States solving its financial and trade deficit problems." he said.

     China's surplus in Sino-US trade does not mean all benefits go to China and Sino-US trade should be a win-win situation.     

    "The US new bill actually harms the interests of the American people. The US consumers buy inexpensive and good products from China and the profits for Chinese exporters are lesser than for US importers." said he.    

    A report from the International Monetary Fund says that the RMB, China's currency, is not undervalued.     

    The US Treasury Department released a report last December, saying that the Chinese government does not trade unfairly with the United States by controlling the RMB exchange rate.     

    Professor Zhou says China has made remarkable efforts to improve the Chinese exchange rate system and that a judgment on whether the currency has been undervalued should be made from the perspective of the country's position in the world economy.     

    Meanwhile, the US Treasury Secretary John Snow also noted the Sino-US trade deficit should be solved through financial diplomacy rather than the threat of a Congressional bill.

    (Source: CRIENGLISH.com)