ByTheSword
Would you like to react to this message? Create an account in a few clicks or log in to continue.

China says yuan bill violates WTO

Go down

China says yuan bill violates WTO Empty China says yuan bill violates WTO

Post  babyfish520 Thu Sep 30, 2010 2:06 am

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.
______________________
Desperate Housewives DVD
Desperate Housewives DVD box set
The Simpsons DVD
The Simpsons DVD box set
Charmed DVD
Charmed DVD box set
Charmed box set
Married With Children DVD
Married With Children DVD box set

babyfish520

Posts : 67
Join date : 2010-08-08

Back to top Go down

Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum