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Us Retail Federation Appealed To Congress To Reject China'S Currency Bill

2010/10/8 10:04:00 30

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Beijing

Time September 30th

Before dawn

On Wednesday, The National Retail Federation called on the US Congress to reject China's currency bill in its voting today, expressing concern that the measure would violate World Trade Organization rules and expose us export retaliation. The Federation said the United States should try to persuade China to allow the renminbi to float more freely.

Vice president, government relations, US Retail Federation

Steve

Steve Pfister said: "we all agree that China's currency needs to go to the market to decide the exchange rate. H.R. 2378 (bill proposed by the house of representatives of the two chambers of the United States to promote the appreciation of the RMB exchange rate), H.R.2378, namely the fair trade monetary reform act, can not solve the currency problem, and will bring significant cost losses to the companies and workers in the US retail and other industries.

This bill does not provide effective leverage to solve China's exchange rate problems or have any positive impact on the US trade deficit and employment. "

At the same time, the US House of Representatives is debating the fair trade monetary reform bill and is about to vote.

The bill will be the criteria set by the US Department of Commerce to determine whether a country's currency is undervalued and decide whether to constitute prohibited export subsidies when considering "countervailing duty" cases.

If so, the Ministry of commerce can impose higher tariffs on goods in the country than the existing rules.

But Feist said, "countervailing duty applies only to some targeted imports, and only applies to a small amount of micro economic mechanism. It is wrong to solve the macroeconomic problems of monetary policy in hundreds of billions of dollars of trade relations.