US yuan pressure will 'severely damage' ties
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BEIJING , SEP 30 -
China said Thursday it "firmly opposes" a bill passed by US lawmakers targeting Beijing for allegedly manipulating its currency, warning any pressure on the issue could "severely damage" trade ties.The comments from Chinese foreign ministry spokeswoman Jiang Yu came after the commerce ministry said the legislation violated World Trade Organisation rules, insisting Beijing has not deliberately undervalued its currency.
The US House of Representatives overwhelmingly passed a bill Wednesday that could open the door to sanctions against Beijing over its exchange rate regime, which critics say is skewed to give Chinese exporters an unfair advantage.
Posted on: 2010-09-30 01:11
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