Economy

China opposes US bill on foreign currency reform

(Xinhua)
Updated: 2010-09-30 18:07

BEIJING - China firmly opposes legislation passed by the US House of Representatives on Wednesday to penalize countries that allegedly manipulate their currency values for trade advantages, Chinese Foreign Ministry spokeswoman Jiang Yu said on Thursday.

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China urged US lawmakers to fully comprehend the importance of Sino-US trade and resist protectionism to avoid harming the interests of the people of China, the United States, and the world, Jiang said when answering a question at a regular press briefing.

Jiang said China had made clear its principle and stance on many occasions concerning issues related to RMB exchange rate.

Any attempts to exercise protectionism against China with the excuse of RMB exchange rate would seriously damage Sino-US trade and badly affect the economic revival of both countries and the world.

The US House of Representatives on Wednesday passed the proposed Currency Reform for Fair Trade Act, which allows the Commerce Department to impose trade sanctions against its trade partners for allegedly manipulating their currencies.