October 12, 2011
Q: The US Senate recently deliberated and passed the Currency Exchange Rate Oversight Reform Act of 2011. What is China’s comment?
A: China has repeatedly reiterated its policy on the RMB exchange rate and manifested its solemn position on firmly opposing the US Senate’s RMB exchange rate-related bill. Under the pretext of so-called “currency imbalance”, the bill in fact wields protectionism and severely violates the WTO rules. Instead of resolving economic and employment problems of the US, it will only cause grave damage to China-US economic relations and trade and obstruct the efforts of both countries and the international community to push for strong global economic recovery and growth. It will not only hurt the interests of others but also the US and bring no good but harm.
China calls on the US Government, Congress and all sectors of the society to resolutely oppose playing up the RMB exchange rate issue and exerting pressure through domestic legislation and reject protectionism and the erroneous act of politicizing economic issues, with a view to safeguarding the sound development of China-US economic relations and trade.