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U.S. yuan bill draws strong criticism


10:52, October 17, 2011

A citizen counts the U.S. dollars in Houma City, north China's Shanxi Province, Oct. 11, 2011. The Chinese currency renminbi, or the yuan, strengthened 103 basis points to a record high of 6.3483 against the U.S. dollar on Tuesday, according to the China Foreign Exchange Trading system. (Xinhua/Gao Xinsheng)

BEIJING, Oct. 14 (Xinhuanet) -- The controversial bill passed by the U.S. Senate to press China to let its currency rise further provokes strong criticism this week.

China voiced its strong opposition hours after the U.S. hours after the Senate on Tuesday voted to pass the currency bill that allows Washington to impose punitive tariffs on Chinese exports if the RMB value is found to be unfairly "misaligned."

The bill is essentially trade protectionism, a serious violation of World Trade Organization rules, said China's Foreign Ministry spokesman Ma Zhaoxu, warning that the move may trigger trade wars and hinder global economic recovery.

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wende at 2011-10-1771.255.93.*
Just hope China is ready if the bill passes. Many politicians are only interested to get elected and will do "whatever it takes" to get elected.

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