China reacts to new US currency bill

[Pasban]

China has reacted angrily to new US legislation that would allow the imposition of tariffs on Chinese goods as punishment for its alleged currency manipulation.


Foreign Ministry spokeswoman Jiang Yu said in Beijing on Thursday that China "firmly opposes" the legislation, a Press TV correspondent reported

Jiang warned that American lawmakers should avoid steps that could harm commercial relations between the world's two biggest economies.

The developments come a day after the US House of Representatives passed a bill that would allow Washington to slap tariffs on countries that allegedly manipulate their currencies. The bill must be passed by the US Senate and signed by President Barack Obama to become law.

The currency debate has intensified tension between the US and China. Washington says China holds the yuan low so that Chinese goods can enjoy an artificial competitive edge.

China has continued to resist pressures from the US to raise the value of its yuan currency against the US dollar.

The Chinese president Hu Jintao told Obama in April that the value of the yuan will neither balance the Sino-US trade, nor solve America's unemployment problem.

Senior officials in Beijing say China will firmly stick to its own path for reforming the yuan.

Relations between Beijing and Washington have been deteriorating over a number of issues, including the Pentagon's arms sales to Taiwan.

JR/MB

PressTV - China reacts to new US currency bill

 

[Chinese-Dragon]

It's America that is at risk of a double-dip recession, not China. It's America that is borrowing money from China so they can buy more Chinese products, and increase their trade deficit to us. Which leads to them asking for more money to help finance those debts.

Their economy is still fragile after being the epicentre of the credit crunch, if they want to start a trade war then go ahead. It's not us that is at risk of another crash right now, it's them.

Anyway good luck to Obama in the midterm elections, I hope this act has bought him enough political capital to gain another victory and make the republicans mad... It certainly isn't going to hurt us at all... so I can't really push myself to care that much.

It's just your average political reaction from the CCP, they might respond with tariffs etc. but I doubt they really care in the long run. It's better to have less involvement with the USA right now anyway, as economists are worried a double-dip recession, best not to get involved in another financial mess there.

 

[anon45]

It's America that is at risk of a double-dip recession, not China. It's America that is borrowing money from China so they can buy more Chinese products, and increase their trade deficit to us. Which leads to them asking for more money to help finance those debts.

Their economy is still fragile after being the epicentre of the credit crunch, if they want to start a trade war then go ahead. It's not us that is at risk of another crash right now, it's them.

Anyway good luck to Obama in the midterm elections, I hope this act has bought him enough political capital to gain another victory and make the republicans mad... It certainly isn't going to hurt us at all... so I can't really push myself to care that much.

It's just your average political reaction from the CCP, they might respond with tariffs etc. but I doubt they really care in the long run. It's better to have less involvement with the USA right now anyway, as economists are worried a double-dip recession, best not to get involved in another financial mess there.

I do believe its safe to say that regardless of differences in opinion, we both agree that this bill should be allowed to pass.

 

[CardSharp]

I do believe its safe to say that regardless of differences in opinion, we both agree that this bill should be allowed to pass.

Yeah hopefully you'll get your custodial engineering job back in GM.

 

[Chinese-Dragon]

I do believe its safe to say that regardless of differences in opinion, we both agree that this bill should be allowed to pass

Sure, why not? Economically it doesn't bother me, and it helps Obama in November so fair enough.

Expect some "token" retaliation from the CCP though, although I doubt it will extend to more than a few angry words, and some "tariffs" that the CCP already wanted in the first place.

 

[anon45]

trolling comments from cardsharp aside, glad to see we agree

 

[Chinese-Dragon]

trolling comments from cardsharp aside, glad to see we agree

Cardsharp is probably just annoyed by some Americans on these forums who enjoy labelling us as "Chinks" so that's probably just a spill-over effect.

Do you know how many Nukes we have..? enough to wipe all of you Chinks off the face of the earth.....

Off-topic question anon45 but do you support Obama?

 

[CardSharp]

trolling comments from cardsharp aside, glad to see we agree

Like you've contributed anything intelligent and insightful to this forum, give me a break.

Cardsharp is just annoyed by some Americans on these forums who enjoy labelling us as "Chinks" so that's probably just a spill-over effect.

Off-topic question anon45 but do you support Obama?

He's not a racist, he's just boring. Am not really sure which one is worse to be honest

If I had to guess, he isn't an Obama supporter. Can't really say why but just my gut feeling.

 

[peaceful]

typical BS reaction from a democratic US president.

you will never see such crap from a Republican Admin.



btw, the comments above doesn't change my long standing belief that GWB should be charged with anti-humanity

 

[siegecrossbow]

Like you've contributed anything intelligent and insightful to this forum, give me a break.





He's not a racist, he's just boring. Am not really sure which one is worse to be honest

If I had to guess, he isn't an Obama supporter. Can't really say why but just my gut feeling.

Is there anyone on this forum who actually supports Obama?

 

[Jigs]

Is there anyone on this forum who actually supports Obama?

<<< Voted for him. It was the lesser of the two evils. He needs to work on his foreign policy that is for sure.

 

[Water Car Engineer]

Is there anyone on this forum who actually supports Obama?

He is ok........ But people do give a **** no more. A lot of people are having this guys view. Not liking him....

 

[NWO]

<<< Voted for him. It was the lesser of the two evils. He needs to work on his foreign policy that is for sure.

It was him, or McCain. For me, it was clear that Obama needed to get elected, but I knew he would mess things up.

 

[CardSharp]

Is there anyone on this forum who actually supports Obama?

I do. I initially wanted McCain to win based on his merit as a Navy man and his performance on the 9/11 commission but I steadily realize that Obama was the best choice for America. (Palin was also a deal killer)

Obama is doing the best he can, in my opinion.

He is ok........ But people do give a **** no more. A lot of people are having this guys view. Not liking him....

YouTube - Obama's on Vacation... AGAIN!!!

YouTube - drinkingwithbob's Channel

YouTube - Obama takes a Vacation...

Sorry but this guy is an idiot. He would be going on the same stupid rants if McCain was in charge.

 

[Water Car Engineer]

I do. I initially wanted McCain to win based on his merit as a Navy man and his performance on the 9/11 commission but I steadily realize that Obama was the best choice for America. (Palin was also a deal killer)

Obama is doing the best he can, in my opinion.




Sorry but this guy is an idiot. He would be going on the same stupid rants if McCain was in charge.

He is SOOOOOOOOOOO funny though!