Pressing China on yuan will hurt U.S. economy: U.S. media
Post Date: 22 Mar 2010 Viewed: 537
The efforts by U.S. legislators to pressure China to reform its currency is to make China a scapegoat of the U.S. domestic politics, and may actually hurt the U.S. economy, according to articles published by U.S. well known media in recent two days.
The Wall Street Journal said Thursday that U.S. lawmakers "want to make the yuan a scapegoat and risk a trade war with China," referring to the U.S. Senators' bill proposed Tuesday to call for China to appreciate its currency yuan.
Under the pressure of the election year and high unemployment, U.S. Senator Chuck Schumer and four other senators unveiled a legislation to threaten China for punitive duties on goods from China if it does not let yuan appreciate against the U.S. dollar.
"China is right to resist these calls, not least because a large revaluation could damage China's growth," the Wall Street Journal said in its Review and Outlook column. "China has helped to lead the global economy out of this recession, and the world needs that to continue."