Arab Today, arab today us currency exchange rate reform bill does good to no one
Last Updated : GMT 14:25:39
Arab Today, arab today
Arab Today, arab today

U.S. currency exchange rate reform bill does good to no one

Arab Today, arab today

Arab Today, arab today U.S. currency exchange rate reform bill does good to no one

Beijing - Xinhua

A procedural vote by the U.S. Senate Monday to debate a controversial currency exchange rate reform bill that aims to identify a scapegoat for the U.S. economic problems has met strong opposition from China and business groups because it would produce nothing good. The Currency Exchange Rate Oversight Reform Act aims to identify \"currency manipulators\" and empower U.S. companies to slap retaliatory tariffs on goods imported from countries whose currencies they deem \"undervalued.\" Statistics show that the exchange rate of the Chinese currency RMB is not the cause of either the Sino-U.S. trade imbalance or the high unemployment rate in the United States. The RMB has appreciated 7 percent against the U.S. dollar since June 2010, when the central bank announced further yuan exchange rate formation mechanisms, however, the U.S. trade deficit with China is still going up. Although the RMB, or yuan, has appreciated against the dollar over 25 percent since 2005, the U.S. unemployment rate has nevertheless risen from about 7 percent to over 9 percent. The bill risks further escalating the exchange rate issue by adopting protectionist measures with an excuse of a currency imbalance and high unemployment rate in the United States. Foreign Ministry spokesman Ma Zhaoxu said such a move by the United States seriously violates rules of the World Trade Organization and obstructs China-U.S. trade ties. The Chinese Ministry of Commerce also voiced strong opposition to the vote saying that it is unfair to use a controversial bill on so-called \"currency manipulation\" by China to transfer the U.S. internal contradictions. The RMB exchange rate will not help address the economic problems in the United States, neither will the rise of the RMB solve the high unemployment. The vote is a far cry from the real solutions to these issues and leads to no positive outcomes.  

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us currency exchange rate reform bill does good to no one Arab Today, arab today us currency exchange rate reform bill does good to no one

 



Arab Today, arab today
Arab Today, arab today Jordan airline suggests flyers 'talk'

GMT 11:59 2017 Friday ,24 March

Jordan airline suggests flyers 'talk'
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today Dozens dead in US-led Syria strikes

GMT 08:35 2017 Thursday ,23 March

Dozens dead in US-led Syria strikes
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Yemen children dream of school

GMT 07:25 2017 Friday ,24 March

Yemen children dream of school
Arab Today, arab today MP submits a petition to dismiss university head

GMT 06:21 2017 Friday ,24 March

MP submits a petition to dismiss university head
Arab Today, arab today Salvage of South Korea's Sewol ferry

GMT 04:51 2017 Friday ,24 March

Salvage of South Korea's Sewol ferry
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Audi RS 5 Coupe acquires new design

GMT 13:22 2017 Thursday ,23 March

Audi RS 5 Coupe acquires new design
Arab Today, arab today Renault Trezor wins design award

GMT 11:56 2017 Tuesday ,21 March

Renault Trezor wins design award
Arab Today, arab today Merna Waleed praises her work with Soad Hosni

GMT 07:03 2017 Wednesday ,22 March

Merna Waleed praises her work with Soad Hosni
Arab Today, arab today 2017 already marked

GMT 15:25 2017 Tuesday ,21 March

2017 already marked

GMT 07:12 2017 Tuesday ,21 March

Donia Abdel Aziz participates in "Game of Silence"

GMT 22:00 2017 Thursday ,23 March

Number of unwedded girls amounts to 2.5m

GMT 10:34 2017 Tuesday ,21 March

Mexico threatens to ditch US corn imports

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:03 2017 Thursday ,23 March

Spider Venom May Offer Hope to Stroke Victims

GMT 07:36 2017 Wednesday ,22 March

US, Britain ban laptops on flights

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday