Tuesday, October 4, 2011

China: US currency bill would have repercussions


BEIJING (AP) — China stepped up its criticism Tuesday of a proposed U.S. law to punish countries with artificially low currencies, saying there would be serious repercussions for the world's two biggest economies if it is passed.
The criticism comes after U.S. senators voted Monday to open a week of debate on the bill that would allow the government to impose additional duties on products from countries that subsidize exports by undervaluing their currencies.
How worried China is about the proposed law can be seen by the fact that the Foreign Ministry, the Commerce Ministry and central bank all issued statements denouncing it.