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China Warns United States Over Protectionism

China has issued a warning to the United States following a US Senate vote on the Currency Exchange Rate Oversight Reform Act of 2011which seeks to restore parity between the dollar and Chinese renminbi over concerns of currency manipulation. China stands accused of keeping its currency artificially low to aid exports.

The People’s Bank of China said in a statement that it deeply regretted the US move to regulate trade between the two countries, blaming the US trade imbalance on “the lack of U.S. savings, the trade deficit and high unemployment problems”, saying that a trade war could result if the United States brought in import tariffs on Chinese goods. The bank also warned that irresponsible economic legislation could further undermine confidence, “to politicize economic issues will not help solve the problem, but more likely to lead to complicating the issue of economic recovery and a negative impact on market confidence”.

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Editors and staff from the News Desk at The Global Herald.

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