BEIJING, (Reuters) — China's
Foreign Ministry on Wednesday warned the United States not to turn the
yuan into a political issue, reiterating that the exchange rate was not
to blame for the U.S. trade deficit with China.The remarks, made by ministry spokesman Hong Lei at a regular news
briefing, came ahead of U.S. Senate plans to vote next week on
legislation aimed at China's currency practices.
"We have reaffirmed our position repeatedly. The renminbi's exchange
rate is not the cause of the trade imbalance between China and the
U.S.," Hong said. "We hope the U.S. will maintain the overall interests
of bilateral trade and economic relations and refrain from politicizing
this issue."
Renminbi is the formal name for China's currency, which is also called the yuan.
The Foreign Ministry has no say in China's currency policy, but it is
typically the only government department that will regularly comment on
the issue.
China has repeatedly rejected criticism that it deliberately
undervalues its currency to give its companies a price advantage in
international markets.
It says it is committed to moving to a more flexible exchange rate but at its own pace.
Senate Majority Leader Harry Reid said he planned to bring up the legislation next week when lawmakers return from a break.
A key provision of the Senate bill would instruct the Commerce
Department to treat undervalued currencies as a subsidy under U.S. trade
law, allowing companies to ask for countervailing duties against
imports.
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