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Monday, October 3, 2011

U.S. Currency Policy Return Trigger Anger China

Washington / Beijing - The U.S. Senate clears the way for the establishment of the U.S. Exchange Act which can 'punish' China because its currency has weakened. The Chinese government also launched a protest and anger over the decision.

The U.S. Senators on Monday (03/10/2011) yesterday voted to open debate on the U.S. Exchange Act, which would allow the U.S. government put on duty on products from countries that are known to provide export subsidies to weaken its currency.

The U.S. Senate made it to progress to the escape of the law through a vote 79-19, and finally a decision is expected to be reached this weekend.

"The longer we wait, commensal obtained weak U.S. society. We are ready to face a trade war," said Democratic Senator, Chuch Schumer was quoted as saying by AFP on Tuesday (10/04/2011).

Responding to these developments, the Chinese government immediately issued a tough stance against the passage of the Act. China accused the United States violated the principle of the WTO if it passed the Act.

"By using the excuse of so-called 'currency imbalances', this will increase the currency issue, adopt protectionist policies that are critical violate WTO rules and seriously disrupt economic relations and China-US trade. China is firmly opposed to this issue," said China's government said in a statement.

"There are several reasons for global trade imbalances, and the trade imbalance between China and the United States not because the renminbi currency," said Central Bank of China.

In addition to protests by the Chinese government, the law also strongly opposed by U.S. businessmen. A total of 51 U.S. industry groups in the letter warned it could trigger a trade war is counterproductive, and they are ready to join the Chinese government to fight the law.

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