China says yuan bill violates WTO

China's tight leash on the yuan is under intense scrutiny as countries around the world look to export their way back to economic health, raising concerns they will intentionally weaken their currencies to gain an edge.
The bill allows the Commerce Department to treat "fundamentally undervalued currencies" as an illegal export subsidy so that U.S. companies can request a countervailing duty to offset China's price advantage.
In response, the official Xinhua news agency quoted China's commerce ministry spokesman, Yao Jian, as saying: "Starting a countervailing investigation in the name of exchange rates does not conform with relevant WTO rules."
The bill would need to be passed by the Senate -- far from certain -- and signed by President Barack Obama to become law. click here for cheap dvds
The American Chamber of Commerce in China voiced its opposition to the Chinese currency legislation in an email, saying "if enacted into law, the chamber does not believe the bill will be effective in achieving its objectives and would fail to create significant U.S. job growth."
China's central bank fixed the yuan's daily mid-point versus the dollar at a lower level on Thursday.
Ahead of the U.S. vote, the People's Bank of China had said China would increase the flexibility of the yuan and improve the way it manages the exchange rate with reference to a basket of currencies of the country's trading partners. click here for cheap dvds
The PBOC issues mid-point data through the Shanghai-based interbank market, the China Foreign Exchange Trade System (CFETS),The yuan may rise or fall 0.5 percent against the dollar from its mid-point each day.
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