China Currency Fury

By admin / September 30, 2010

China CurrencyChina has criticized a measure passed by the US House of Representatives to allow possible sanctions over currency as protectionist and a breach of trade rules.

The US Bill would allow the government to pressure China on an issue it says has led to the loss of more than two million American manufacturing jobs over the past decade.

Manufacturers say China’s currency, the yuan, is undervalued by as much as 40% against the dollar, making Chinese products cheaper and more competitive in the US and American products more expensive in China.

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