China, US lock horns over yuan value

Source: PressTV
http://www.presstv.ir/detail.aspx?id=121190§ionid=3510213


The Chinese government has once again warned the United States against politicizing the debate on the value of the Chinese currency, the yuan.

The Chinese Commerce Ministry says that a pending US bill concerning the yuan is complicating the situation.

The bill has bipartisan support in the US House of Representatives. US lawmakers say China is holding the value of the yuan low to give Chinese goods an artificial competitive edge in the exports markets, while Beijing says the yuan has helped the global economic recovery.

Should the proposal be approved, it will impose tough new penalties on China if Beijing fails to revalue its currency.

The currency debate has caused tension between the US and China, whose relations have been deteriorating over a number of issues.

Recently, China reduced its military cooperation with Washington after the United States sold USD 6.4 billion worth of arms to Taiwan.

Last week, Beijing accused Washington of hypocrisy in dealing with the issue, spelling out a list of US human rights abuses.

The official US government reports on human rights are widely believed to be unreliable and highly politicized aimed at punishing nations that do not share US political and strategic views, while ignoring abuses committed by US client states.