China's central bank deeply regrets U.S. Senate's yuan bill   2011-10-04 11:43:38 FeedbackPrintRSS

BEIJING, Oct. 4 (Xinhua) -- The People's Bank of China, the country's central bank, Tuesday expressed its "deep regret" about the U.S. Senate's currency bill that pushed China to let the yuan appreciate further.

The central bank said the U.S. Senate's bill may seriously affect China's currency reform, and could result in a trade war between the two economies.

There are a variety of reasons for the global trade imbalance. The yuan's exchange rate was not the major reason of the trade imbalance between China and the United States. The bill will not help resolve the U.S. domestic problems, it said in a statement posted on its website.


China's Ministry of Commerce deeply concerned at U.S. attempt to seek duties on Chinese products imports

BEIJING, Oct. 4 (Xinhua) -- Some U.S. senators have violated internationally accepted regulations by allowing a debate that seeks duties on Chinese imports, said Shen Danyang, a spokesman of the Ministry of Commerce, on Tuesday.

The spokesman said the yuan exchange rate was not to blame for China-U.S. trade imbalance. It is unfair to use a controversial bill on so-called "currency manipulation" by China to transfer the U.S. internal contradictions.  Full story

China "firmly opposes" US Senate's yuan bill, FM spokesman

BEIJING, Oct. 4 (Xinhua) -- China here Tuesday expressed firm opposition on the U.S. Senate's bill on Chinese yuan after it voted to allow a debate on the bill on so-called "currency manipulation" by China.

Such a move "seriously violates rules of the World Trade Organization and obstructs China-US trade ties," Foreign Ministry spokesman Ma Zhaoxu said in a statement. Full story

U.S. Senate votes to allow debate on yuan bill amid China's opposition

WASHINGTON, Oct. 3 (Xinhua) -- The U.S. Senate voted Monday to allow a debate on a controversial bill on so-called "currency manipulation" by China amid strong opposition from China and U.S. business groups.

The 79-19 vote opened a week-long debate on the bill, the last procedure before it is to be finally voted on the Senate floor. And for the bill to become law, it would still have to clear the House of Representatives and then be signed by President Barack Obama.  Full story

Pushing yuan bill risks trade war, won't help U.S. recovery

BEIJING, Oct. 3 (Xinhua) -- With chronic financial ailments and persistent high unemployment driving thousands of protesters to the streets in New York and 50 other cities, some U.S. lawmakers are, tediously, again trying to blame the Chinese currency instead of addressing the real reasons for the country's economic woes.

After a procedural vote Monday, the U.S. Senate is expected to debate a bill which, if passed, will empower U.S. companies to seek retaliatory tariffs on goods imported from countries whose currencies they deem "undervalued." Full story


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