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China: Don't press us on yuan
(Reuters)
Updated: 2007-06-15 11:02
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China: Don't press us on yuan
Yuan notes are counted at a currency exchange office in Hong Kong January 11, 2007. [Reuters]

China called on U.S. lawmakers on Thursday to address issues such as the valuation of the yuan through a dialogue of equals instead of trying to put pressure on Beijing.

The government was responding to a bill introduced on Wednesday by four senators that aims to ratchet up pressure on China to let the yuan rise more quickly.

The bill reflects growing frustration in Congress over the billowing U.S. trade deficit with China. Many lawmakers believe China's currency practices contribute to the deficit by giving Chinese companies an unfair edge in global markets.

"We hope the U.S. Senate and Congress can view from a strategic perspective the importance of the healthy development of China-U.S. economic relations...and not politicize economic and trade issues, and not resolve issues by exerting pressure," Qin Gang, a Foreign Ministry spokesman, told reporters.

Speaking at a regular news conference, Qin said such issues should be resolved "through dialogue and equal consultation."


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