WASHINGTON ? U.S. Senate 103 days 3 disregard of China?s firm opposition to the 79 to 19 vote, approved the program of ?currency exchange rate surveillance Reform Act of 2011? project plan. The case with the so-called ?currency imbalance? as an excuse to further upgrade the exchange rate, adopt trade protectionist measures, a serious breach of WTO rules.
This bill will bind to manipulate the exchange rate and trade subsidies, the U.S. government investigate the existence of major trading partners, either directly or indirectly down their currencies, and export subsidies for their own behavior. Under the bill?s contents, if the major trading partners are considered undervalued exchange rate, the United States to impose punitive tariffs. Also, if trading partners currency is too low to be considered as a means of export subsidies, the U.S. industry may seek to impose higher tariffs on foreign competitors.
Day the Senate approved a procedural vote, which means ?currency exchange rate surveillance Reform Act of 2011? will enter the next Senate voting procedures.
Widely believed, the U.S. Senate in a bid for the Chinese to force faster appreciation.
American community expressed concern. ?Washington Post? published an article the same day that the Senate bill for the Chinese yuan will not help the U.S. to create jobs, but will lead to negative results. American Heritage Foundation think tank researcher ????? Adams also said the same day, China?s yuan policy has not hurt American jobs. 51 U.S. business organizations has also co-expressed, the RMB exchange rate on the issue of unilateral legislative action might be counterproductive, put pressure on rapid appreciation against the bill.
Chinese Foreign Ministry spokeswoman Jiang Yu 4, issued a statement saying that the U.S. Senate despite China?s firm opposition, procedural through the ?Reform Act of 2011 currency exchange rate surveillance? project plan. The case of so-called ?currency imbalance? as an excuse to upgrade the exchange rate further, to take protectionist measures, a serious breach of WTO rules, seriously interfere with economic and trade relations, China is firmly opposed.
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