BREAKING NEWS

China opposes US senate currency bill

By REUTERS

OCTOBER 4, 2011 04:03

BEIJING - China's foreign ministry said it "adamantly opposes" a bill pushed by the US Senate that will allow the United States to impose duties on countries that undervalue their currencies.

In a statement posted on China's official government website (www.gov.cn) on Tuesday, the ministry said the United States was "using the excuse of 'currency imbalances'" to adopt protectionist trade measures that violated World Trade Organisation rules.

Senators voted on Monday to open a week of debate on the Currency Exchange Rate Oversight Reform Act of 2011, which would allow the US government to slap countervailing duties on products from countries found to be subsidizing their exports by undervaluing their currencies.

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