皇冠体育app warns US Congress on trade bill

(Reuters)
Updated: 2007-06-13 11:20

A number of US politicians are preparing legislation that would penalize imports from 皇冠体育app to counter what they say is a yuan currency unfairly undervalued by as much as 40 percent.

Related readings:
Expert: 皇冠体育app should limit pace of yuan rise
Trade surplus extends growth in May AmCham: Stop pressuring 皇冠体育app to revalue renminbi
Wu: 皇冠体育app will do its part in sorting global imbalances
The Bush administration has also urged the Chinese government to accelerate exchange rate reforms, including at a high-level economic dialogue last month. But on Monday the Treasury Department said no more legislation was needed to prod 皇冠体育app to move faster.

Alan Holmer, the Treasury department's special envoy to 皇冠体育app, would not say whether Treasury would formally label 皇冠体育app a currency manipulator in a semi-annual report on foreign exchange practices of key trade partners also due out on Wednesday.

Beijing says Washington's lax economic policies are to blame for the trade gap.

"Economic and trade issues should not be politicized, and related problems, especially ones arising from the US domestically, should not be dragged into 皇冠体育app-US economics and trade," Qin said.

(For more biz stories, please visit )