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Updated: November 10, 2010 13:27 IST

China: U.S. Congress has no place in currency spat

AP
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In this photo taken on August 25, 2010, a bank clerk counts Chinese 100 Yuan notes in Shanghai. China's currency advanced to a fresh high against the U.S. dollar for the second straight day on September 14, 2010 as U.S. lawmakers prepared for hearings on Beijing's foreign exchange policies. Photo: AP.
In this photo taken on August 25, 2010, a bank clerk counts Chinese 100 Yuan notes in Shanghai. China's currency advanced to a fresh high against the U.S. dollar for the second straight day on September 14, 2010 as U.S. lawmakers prepared for hearings on Beijing's foreign exchange policies. Photo: AP.

A senior Chinese official is warning that U.S. lawmakers shouldn’t interfere in a spat over a Chinese currency policy that U.S. critics say costs American jobs.

Chinese Vice Foreign Minister Cui Tiankai, said in an interview on Wednesday that if either side “chooses a confrontational approach, I think everybody will come out as losers.”

Mr. Cui says China’s currency policy shouldn’t be a focus of this week’s Group of 20 economic summit in Seoul.

U.S. lawmakers and manufacturers contend that an undervalued Chinese currency gives Beijing an unfair trade boost.

The U.S. House of Representatives passed legislation in September to allow Washington to sanction governments that manipulate their currency for trade advantage.


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