Beijing again rejects accusations on currency

08:03, June 13, 2010      

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Beijing fought back Saturday US accusation of its foreign exchange policy, dismissing as baseless a call by American lawmakers for an investigation into the impact of alleged yuan manipulation on US industry.

Facing October election pressure, US lawmakers from both Republic and Democratic parties have vowed to launch action to punish China over its currency policy.

They say China keeps the yuan undervalued, making Chinese exports cheaper and leading to massive job losses and factory closures in the United States and a ballooning trade deficit.

In a letter to Commerce Secretary Gary Locke this month, they sought a ruling on whether Beijing's currency policy provided an "unfair subsidy for Chinese paper products that should be remedied through trade measures."

But Chinese commerce ministry spokesman Yao Jian on Saturday warned using trade measures to pressure Beijing could violate international trade rules.

"The WTO regulates trade policies, not financial or foreign exchange policies," he said. "The yuan issue falls outside the WTO's remit."

US Treasury Secretary Timothy Geithner, under fire for delaying a Treasury report to Congress due in April, said on Thursday Beijing's refusal to revalue its currency impeded global economic reforms.

But Yao said a yuan change would not solve the US trade deficit and that China was actually accelerating global recovery as its imports have surged in the past months.

People's Daily Online / Agencies

(Editor:梁军)

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