China to US on currency bill: I wouldn't do that if I were you
The US Senate passed a currency bill that would punish countries that subsidize their exports by maintaining an artificially low exchange rate. China called such a law a 'lose-lose' for both sides.
In this Sept. 30 photo, visitors look at an artwork depicting a 100-yuan Chinese currency at the 2011 Chengdu Biennial in Chengdu in southwestern China's Sichuan province. Reflecting growing anger in the US about the loss of jobs to China, the Senate passed a bill that would punish countries that subsidize their exports by maintaining an artificially low exchange rate.
AP
Beijing
China left no doubt Wednesday as to what it thought of a new US Senate bill aimed at forcing Beijing to strengthen the value of its currency: The Central Bank devalued it as much as it could.
The bill, passed Tuesday evening, “will not solve US economic and employment problems and will only disturb … efforts to promote world economic recovery,” said Chinese Foreign Ministry spokesman Ma Zhaoxu in a statement.
Reflecting growing anger in the US about the loss of jobs to China, the Senate passed a bill that would punish countries that subsidize their exports by maintaining an artificially low exchange rate. Washington has long been pressing Beijing to let its currency rise, making US goods cheaper in China and thus helping US exports.
