{"id":456688,"date":"2010-03-21T21:13:00","date_gmt":"2010-03-22T01:13:00","guid":{"rendered":"tag:blogger.com,1999:blog-16711557.post-511132426662388865"},"modified":"2010-03-21T21:13:41","modified_gmt":"2010-03-22T01:13:41","slug":"china-to-respond-if-hit-by-us-trade-sanctions","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/456688","title":{"rendered":"China to Respond If Hit by US Trade Sanctions"},"content":{"rendered":"
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Leaders of the Communist Party of China view the parade commemorating the 60th anniversary of the founding of the People’s Republic of China.<\/a>
Originally uploaded by Pan-African News Wire File Photos<\/a><\/span><\/div>\n

China to respond if hit by US trade sanctions<\/p>\n

LANGI CHIANG AND KEN WILLS | BEIJING, CHINA – Mar 21 2010 09:12<\/p>\n

Beijing will take retaliatory steps if the United States declares China a currency manipulator and imposes trade sanctions, commerce minister Chen Deming said on Sunday, the latest salvo in a spat over the value of the yuan.<\/p>\n

Chen, speaking at the China Development Forum, again accused Washington of politicising the issue ahead of an April 15 deadline when the US Treasury must decide whether to declare China a currency manipulator.<\/p>\n

“The currency is a sovereign issue and should not be an issue to be discussed between two countries,” Chen said.<\/p>\n

“We think the renminbi [yuan] is not undervalued, but if the US Treasury gave an untrue reply for its own needs, we will wait and see. If such a reply is followed by trade sanctions, I think we will not do nothing. We will also respond if this means litigation under the global legal framework.”<\/p>\n

He did not specify how Beijing might respond.<\/p>\n

Political pressure is growing in Washington to declare China a currency manipulator, with some US senators threatening to slap duties on Chinese products if Beijing does not allow the yuan to rise.<\/p>\n

China has held its currency near 6,83 yuan to the dollar since mid-2008 in order to help China’s exporters weather the global financial crisis.<\/p>\n

But some US legislators say that has kept the yuan artificially undervalued by as much as 40%, causing imbalances in bilateral and global trade flows.<\/p>\n

Trade surplus ‘overstimated’<\/p>\n

Chen accused Washington of overestimating the size of China’s trade surplus with the United States, putting more pressure on the relationship between the world’s biggest and third-biggest economies.<\/p>\n

The defiant weekend comments stood in contrast to a ministry statement on Friday, which was widely interpreted as an attempt to bridge differences.<\/p>\n

The ministry said then that it would send a vice minister to Washington next week to try to ease trade frictions, although it specifically noted that China’s currency policy was off-limits.<\/p>\n

Speaking on Sunday, Chen said that any adjustment to the yuan’s value would not by itself resolve global trade imbalances, adding that China’s trade balance could turn to a deficit in March.<\/p>\n

He said that from 2005 to 2008, the yuan had appreciated by more than 20% while the country’s trade surplus increased. In 2009, he added, the yuan was steady but the trade surplus fell by 34%.<\/p>\n

“A country’s currency appreciation is very limited in helping to rebalance global trade,” he said. “I personally expect that China could possibly have a trade deficit in March.”<\/p>\n

Chen called on all countries to oppose any form of trade protectionism, a theme that echoed an earlier speech by Vice Premier Li Keqiang, though they did not mention specific countries. – Reuters<\/p>\n

Source: Mail & Guardian Online
Web Address: http:\/\/www.mg.co.za\/article\/2010-03-21-china-to-respond-if-hit-by-us-trade-sanctions
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<\/div>\n","protected":false},"excerpt":{"rendered":"

Leaders of the Communist Party of China view the parade commemorating the 60th anniversary of the founding of the People’s Republic of China.Originally uploaded by Pan-African News Wire File Photos China to respond if hit by US trade sanctions LANGI CHIANG AND KEN WILLS | BEIJING, CHINA – Mar 21 2010 09:12 Beijing will take […]<\/p>\n","protected":false},"author":4243,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-456688","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/456688","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4243"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=456688"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/456688\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=456688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=456688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=456688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}