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BEIJING, Oct. 17 (Xinhuanet) -- US Treasury Secretary John Snow said here on Monday that legislation threatened by US senators that would slap a 27.5 percent tariff on all imports from China in the absence of more currency reform was "ill-conceived".
Snow, attending the 17th meeting of the Sino-US Joint
Economic Commission (JEC), said at a press conference that China has made
remarkable progress in its foreign exchange (forex) reform.
Snow, regarding China's Renminbi (RMB) appreciation
by about 2 percent in July 21 and the end of the yuan to the US dollar pegging
system as a "milestone step," expressed belief that China will continue to push
forward the reform in its financial market.
In advance of Snow's trip, Democratic Senator Charles
Schumer threatened to revive the tariffs bill by late November, expressing anger
that China has failed to relax its currency regime more since a July
revaluation.
Chris Cox, the new chairman of the US Securities and
Exchange Commission, and Reuben Jeffery III, chairman of the US Commodity
Futures Trading Commission, also attended the press conference.
The state of dialogue between the US Securities and
Exchange Commission and the China Securities Regulatory Commission is healthy,
said Cox, noting that over 190 people are trained in China in US-Sino programs
for securities and market regulation work.
The two countries are establishing several new
mechanisms for further cooperation and exchanges in this regard, he said.
China's securities market is new, so the two sides
enjoy bright cooperative potential in this area, he said.
The United States is willing to share information and
experience with China in the futures trading market, which is of great
importance for national economic development, said Reuben Jeffery III.
Established in 1979, the JEC serves as a regular
forum for Chinese and US officials to get together and discuss economic issues.
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