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Chinese chamber of commerce strongly opposes U.S. Senate's yuan bill

(Xinhua)

10:37, October 14, 2011

BEIJING, Oct. 13 (Xinhua) -- The China Chamber of International Commerce (CCOIC) on Thursday joined the opposition to the U.S. Senate's passage of a bill that would pressure China to revalue its currency, saying the bill is "unfair."

This latest reaction from China comes two days after the U.S. Senate passed the Currency Exchange Rate Oversight Reform Act in a vote of 63 to 35.

The passage of the bill "is not fair" and "seriously violates relevant World Trade Organization (WTO) rules," said the CCOIC in a statement.

The CCOIC has served as the National Committee of the International Chamber of Commerce (ICC) since China'a accession into the ICC in 1994.

The U.S. bill disregards the facts and aims only to divert attention from its domestic unemployment, the CCOIC said, adding that the bill will by no means solve the American savings deficiency, trade deficit and high unemployment rate.

The legislation has badly undermined the Chinese businesses confidence in the U.S. because it comes at a time when China is increasing its imports from the United States at an average rate of 17 percent annually and boosting its investment in America, said the CCOIC.

By politicizing the exchange rate issue, the bill has increased the difficulty for the U.S. to reduce its unemployment rate and hinders the normal development of bilateral trade, said CCOIC.

"Chinese businesses have helped create thousands of jobs through its operations and procurements in the U.S., but the passage of the bill has forced us to reconsider the investment environment in America," the CCOIC said.

The CCOIC has called for the U.S. administration, the Congress, as well as people with of vision from all walks of life to take effective measures to prevent the exchange rate issue from escalating and stop trade protectionism.

To help the world's economic recovery, the U.S. must work with the Chinese government and businesses to safeguard a fair international trade environment, said the CCOIC, adding that the bill threatens to punish China for alleged currency manipulation, including the imposition of retaliatory tariffs.

Before the bill becomes law, it would have to clear the House of Representatives and then be signed by President Barack Obama.

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