Pressuring yuan misguided
US should abandon its beggar-thy-neighbor policies and pursue cooperation to find solutions to its economic woes
Although troubled by an ailing economy and mass protests at home, US senators have once again shown their never-ending enthusiasm for attacking China's exchange rate by passing the "Currency Exchange Rate Oversight Reform Act of 2011" project plan in an attempt to pressure China into appreciating its currency.
China has repeatedly pointed out that fierce appreciation of the yuan will solve neither the US' huge trade deficit nor its high unemployment rate. Instead, it will have complicated negative effects upon the global economy, raising the prices of global industrial products, which will in turn worsen the existing inflation in many countries, including the United States, and possibly spread their political problems and social unrest to others.