Latest News:  
Beijing   Cloudy    21 / 14   City Forecast

Home>>China Business

Forcing Yuan appreciation benefits nobody

(Xinhua)

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.

【1】 【2】 【3】

Email|Print|Comments(Editor:梁军)

Leave your comment1 comments

  1. Name

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

Selections for you


  1. Russian-China gas deal near, boosting relations: Putin

  2. Int'l Musical Instruments Exhibition kicks off in Shanghai

  3. China's WCup hopes hit after loss to Iraq

  4. People attend a parade during the Oktoberfest

Most Popular

Opinions

  1. Yuan appreciation nightmarish for US
  2. China, U.S. diplomats to discuss Taiwan, trade
  3. Taiwan willing to maintain status quo: Ma
  4. Why is Wall Street outrage spreading?
  5. Wall Street protests: U.S. version of Arab Spring?
  6. Be wary of financial risks in Europe
  7. Rich, poor divide at heart of Wall Street protests
  8. Is 3rd round of Quantitative Easing coming?
  9. Income divide causes fiscal crises in Europe, US
  10. China should have own ambitions

What's happening in China

Small donations make a meal for poor rural children

  1. 7 foreign women in 1 room deported over visas
  2. Controversy over 'heroic rescue'
  3. Luxury cruise ship sinks after launch
  4. Guangdong to use index to gauge happiness
  5. 14 hikers missing in mountains of Sichuan

PD Online Data

  1. Challenge to the traditional view of love and marriage
  2. House means happiness? Young Chinese' home-owning dream
  3. Fighting AIDS,China is acting
  4. Worldwide Confusius Institutes
  5. Chinese Qingming Festival