Sino-US trade tensions escalate (2)

09:32, September 17, 2010      

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Jiang said adding pressure won't resolve US-China trade issues, and "rather may have the opposite effect."

Jiang's comments came after US Treasury Secretary Timothy Geithner called on China to allow "significant, sustained appreciation over time" and for the yuan to "fully reflect market forces," in a testimony released Wednesday.

"We are concerned, as are many of China's trading partners, that the pace of appreciation has been too slow, and the extent of appreciation too limited," he said.

Lawmakers in the US, where the unemployment rate is nearing 10 percent and congressional elections are approaching in November, have toughened their calls for the appreciation of the renminbi, with some going as far as suggesting cornering China on the issue to let the yuan rise, reports say.

Representative Tim Ryan, an Ohio Democrat, and Tim Murphy, a Pennsylvania Republican, are pushing legislation that would penalize Chinese imports for any currency manipulation.

Ryan said in prepared remarks to a congressional panel Wednesday that "It is time for us to act," Dow Jones reported.

Liu Linlin and agencies contributed to this story

Source: Global Times
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(Editor:黄蓓蓓)

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