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China, U.S. Trade War Brewing Over Currencies

hypocritexposer

Well-known member
China, U.S. Trade War Brewing Over Currencies
Thursday, May 14, 2009 10:30 AM


BEIJING -- China rejected claims it has manipulated yuan exchange rate policies to tilt trade flows against the United States, saying on Thursday that proposed legislation before the U.S. Congress could stoke protectionism.

Chinese Foreign Ministry spokesman Ma Zhaoxu made the statement in response to Congressional moves to curb China's exports unless Beijing realigns its exchange rate to make those exports more costly, which would help narrow the two countries' trade gap.

The legislation would require the government to impose anti-dumping and countervailing duties on imports from a country whose currency has been "misaligned" for a long time.

http://moneynews.newsmax.com/financenews/exchange_rate_policies/2009/05/14/214286.html
 
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