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Forcing Yuan appreciation benefits nobody


08:50, October 10, 2011

BEIJING, Oct. 10 (Xinhuanet) – When thousands of protesters took to the streets from New York to other U.S. cities last week, launching a grand "Occupy Wall Street" movement for feeling angery over economic injustice, the U.S. Senate made an uproar by proposing a controversial bill instead of addressing its people's urgent cry.

The Senate cleared a procedural vote on Oct. 6 to advance a controversial bill, known as the Currency Exchange Rate Oversight Reform Act of 2011, which, if passed, will empower U.S. companies to impose punitive tariffs on goods imported from countries whose currencies they deem "undervalued."

Experts said forcing China to appreciate its currency will not solve U.S. problems, nor will it be constructive to world economic recovery. The intention of some U.S. lawmakers is just to shift the country's domestic contradictions, both in politics and in economy, onto China and its currency.

The move caused strong protest from the Chinese government. Chinese Foreign Ministry spokesman Hong Lei responded that China hopes the United States will refrain from politicizing the exchange rate and trade issues.

Some analysts compared the Senate's move to a patient who wishes others to take medicine to cure his or her own persistent ailment.

Forcing the exchange rate of Chinese currency has become a periodic attack in the United States. Once it was confronted with political and economic pressure domestically, the illness will break out.

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Observer at 2011-10-12180.190.163.*
Wrong. It will benefit your trading partners.

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