China urges Obama administration, Congress to block yuan bill

BEIJING,  (Reuters) – China’s Foreign Ministry warned  yesterday that a U.S. bill aimed at pressing Beijing to lift  the value of the yuan could disrupt joint efforts to prop up  global economic recovery and urged the Obama administration to  oppose the legislation.

The legislation “gravely violates World Trade Organisation  rules,” Foreign Ministry spokesman Mao Zhaoxu also said after  the U.S. Senate approved the bill, threatening to punish China  for holding down its currency.

“China urges the U.S. government, Congress and all quarters  to resolutely oppose using domestic legislation to create a fuss  about and put pressure on the renminbi exchange rate,” said Ma  in comments on the ministry’s website (www.mfa.gov.cn).

The “renminbi” is another name for China’s yuan currency.

Many U.S. lawmakers, trade unions and manufacturing lobbies  say China keeps down the value of its yuan currency to give its  exports an unfair edge in global markets.

 

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