China warns US Congress on trade bill
(Reuters)Updated: 2007-06-13 11:20 A number of US politicians are preparing legislation that would penalize imports from China to counter what they say is a yuan currency unfairly undervalued by as much as 40 percent.
Alan Holmer, the Treasury department's special envoy to China, would not say whether Treasury would formally label China a currency manipulator in a semi-annual report on foreign exchange practices of key trade partners also due out on Wednesday.
Beijing says Washington's lax economic policies are to blame for the trade gap.
"Economic and trade issues should not be politicized, and related problems, especially ones arising from the US domestically, should not be dragged into China-US economics and trade," Qin said.
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