China rejects US criticism over currency policy

China's Foreign Ministry said Monday that complaints by the U.S. government about Beijing's currency policy are overblown and that a rising yuan would not solve America's financial woes.

Ministry spokesman Qin Gang said the China-US trade gap was the result of economic globalization, the international division of labor and U.S. restrictions on high-tech exports to China.

"Many facts have demonstrated that the renminbi exchange rate is not main cause of imbalanced China-U.S. trade," Qin said in a statement posted on the ministry's website.

Qin's was responding to U.S. lawmakers who last week strongly criticized China's exchange rate policy, saying an undervalued yuan -- also known as the renminbi -- has cost millions of American jobs. Members of the U.S. Senate Finance Committee on Wednesday urged Treasury Secretary Timothy Geithner to put more pressure on Beijing to let the yuan rise.

Read Full Article from BusinessWeek

- Posted: 2010-06-14 10:42:49

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