By IANS,
Beijing : China’s ministry of commerce Wednesday expressed its opposition to a vote by the US Senate that passed a bill to press China to raise the value of the yuan in an effort to save American jobs.
The move has seriously violated international regulations and sent the wrong signal in escalating trade protectionism, said Shen Danyang, spokesperson for the ministry.
At this critical moment, the US Senate has disrupted the world’s joint efforts to prop up global economic recovery and curb trade protectionism by using domestic legislation to threaten to punish China for its alleged currency manipulation, Xinhua quoted Shen as saying.
He said China believes that the two countries should promote bilateral trade cooperation through dialogues and positive measures. Beijing is not willing to see China-US trade relations be severely hurt after the bill becomes law.
“We hope the US will deeply contemplate the issue and take an objective and rational view on the yuan exchange before making further decisions,” he said.
The US Senate’s bill would allow the US government to slap countervailing duties on goods from countries found to be manipulating their currencies to subsidize their exports.
Before the bill becomes a law, it would have to clear the House of Representatives and then be signed by President Barack Obama.