Beijing:
China on Thursday reacted cautiously to the proposed US anti-subsidy investigation of Chinese imports, saying that it violated the rules of the World Trade Organisation (WTO), but refrained from hitting back with any punitive measures against Washington.
The US-proposed anti-subsidy investigation into Chinese imports on the grounds of exchange rates violates the rule of the World Trade Organisation (WTO), China's Ministry of Commerce spokesman, Yao Jian, told the official Xinhua news agency.
Chinese Foreign Ministry spokesperson Jian Yu said Beijing firmly opposes the legislation passed by the US House of Representatives on Wednesday to penalise countries that allegedly manipulate their currency values for trade advantages.
"China urges US lawmakers to fully comprehend the importance of Sino-US trade and resist protectionism to avoid harming the interests of the people of China, the United States and the world," Jiang said when answering a question at a regular press briefing.
"China had made clear its principle and stance on many occasions concerning issues related to the exchange rate for the Chinese currency, the yuan (also known as the renminbi)," she said.
Any attempts to exercise protectionism against China using the excuse of the RMB exchange rate would seriously damage Sino-US trade and badly affect the economic revival of both countries and the world.
The US House of Representatives on Wednesday passed the proposed Currency Reform for Fair Trade Act, which allows the Commerce Department to impose trade sanctions against its trade partners for manipulating their currencies.
Significantly, after the US Bill was passed, the yuan appreciated to 6.67 against the US dollar, its highest level in recent years.
The US want about 20 appreciations of the yuan over the dollar to make its exports to China more competitive. Yao said Sino-US trade relations had long been mutually beneficial as China is United States' fastest-growing export destination.
He cited the US customs figures that showed US exports to China rose by 36.24 per cent during the first seven months from the same period a year ago, 14.4 percentage points higher than the Chinese exports to the United States.
Furthermore, US exports to China are 13.6 percentage points higher than overall exports, he said.
He said China was willing to take measures, together with the US side, to help balance bilateral trade relations.
The US-proposed anti-subsidy investigation into Chinese imports on the grounds of exchange rates violates the rule of the World Trade Organisation (WTO), China's Ministry of Commerce spokesman, Yao Jian, told the official Xinhua news agency.
Chinese Foreign Ministry spokesperson Jian Yu said Beijing firmly opposes the legislation passed by the US House of Representatives on Wednesday to penalise countries that allegedly manipulate their currency values for trade advantages.
"China urges US lawmakers to fully comprehend the importance of Sino-US trade and resist protectionism to avoid harming the interests of the people of China, the United States and the world," Jiang said when answering a question at a regular press briefing.
"China had made clear its principle and stance on many occasions concerning issues related to the exchange rate for the Chinese currency, the yuan (also known as the renminbi)," she said.
Any attempts to exercise protectionism against China using the excuse of the RMB exchange rate would seriously damage Sino-US trade and badly affect the economic revival of both countries and the world.
The US House of Representatives on Wednesday passed the proposed Currency Reform for Fair Trade Act, which allows the Commerce Department to impose trade sanctions against its trade partners for manipulating their currencies.
Significantly, after the US Bill was passed, the yuan appreciated to 6.67 against the US dollar, its highest level in recent years.
The US want about 20 appreciations of the yuan over the dollar to make its exports to China more competitive. Yao said Sino-US trade relations had long been mutually beneficial as China is United States' fastest-growing export destination.
He cited the US customs figures that showed US exports to China rose by 36.24 per cent during the first seven months from the same period a year ago, 14.4 percentage points higher than the Chinese exports to the United States.
Furthermore, US exports to China are 13.6 percentage points higher than overall exports, he said.
He said China was willing to take measures, together with the US side, to help balance bilateral trade relations.
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