March 21, 2010
The Chinese commerce minister says Beijing will respond to Washington should the US decide to impose sanctions on the Chinese currency, the Yuan.
“We will not turn a blind eye,” Chen Deming told People’s Daily on Sunday.
Washington has threatened to impose sanctions and other penalties over China’s exchange rate policies.
US President Barack Obama has labeled China a currency manipulator. US Treasury Secretary Timothy Geithner has to decide on the issue next month.
Critics say China keeps the Yuan’s value artificially low to make its exports cheaper and thus more competitive on overseas markets.
To consult with US officials about trade frictions, Chinese Vice Commerce Minister Zhong Shan will visit Washington from March 24 to 26.
The currency debate has caused tension between the US and China, whose relations have been deteriorating over a number of issues.
This article was posted: Sunday, March 21, 2010 at 3:37 am