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Edition: U.S. Article Comments (2) Save Email Print Reprints Most Popular Most Shared Somali pirate killed in cargo ship hijack shooting 3:21pm EDT UPDATE 2-Republican senators see U.S. financial reform bill 10:02am EDT Cuban Americans filling planes to homeland 1:35pm EDT Sex toy startup has some big backers 17 Mar 2010 Google to phase out China search partnerships | Video 12:30pm EDT Inside a global cybercrime ring 11:12am EDT FACTBOX-US healthcare bill would provide immediate benefits 19 Mar 2010 For women, battle of bulge just got tougher 23 Mar 2010 BofA to start reducing mortgage principal 6:07am EDT UPDATE 1-BofA to start reducing mortgage principal-sources 23 Mar 2010 China official rejects U.S. complaints on currency Doug Palmer WASHINGTON Wed Mar 24, 2010 3:52pm EDT Related News U.S. companies suddenly shy over China yuan squabble 1:50pm EDT An employee counts yuan banknotes next to U.S. dollar banknotes at a branch of Bank of China in Changzhi, Shanxi province, March 9, 2010. Credit: Reuters/Stringer WASHINGTON (Reuters) - A Chinese official said on Wednesday China would reform its currency policy gradually and keep the exchange rate stable, rejecting mounting U.S. calls for it to rise more quickly. World | China Chinese Vice Commerce Minister Zhong Shan, in Washington at a time of heightened U.S.-China trade and political tensions, told business leaders that changing the exchange rate was not the way to fix a huge bilateral trade imbalance. "Revaluing the renminbi is not a good recipe for solving problems," he told the U.S. Chamber of Commerce, according to a transcript obtained by Reuters. A growing number of U.S. economists estimate China's currency is undervalued by up to 40 percent. They say that gives China an unfair price advantage in international trade, takes jobs away from other countries and adds to global financial distortions. With the U.S. economy having shed 8.4 million jobs since December 2007, U.S. lawmakers have focused on China's currency as a key factor. Senators are crafting legislation that would slap import duties on Chinese goods to offset the advantage China enjoys from suppressing the value of its currency. Sponsors of the bill, Democratic Senator Charles Schumer and Republican Senator Lindsey Graham, also want President Barack Obama's administration to formally label China a currency manipulator in a semi-annual Treasury Department report due on April 15. "VIGOROUS DISCUSSIONS" WITH TREASURY The Obama administration twice rejected that route in 2009, as did the administration of Obama's Republican predecessor, George W. Bush. Wary of straining U.S.-China relations, Obama has instead pressed Beijing to move to a "more market-oriented exchange rate." U.S. House Ways and Means Committee Chairman Sander Levin, an influential Democratic Party lawmaker, said: "What seems undisputed ... is that China has a persistent economic strategy, a policy, key to which is the pegging of its currency to the dollar at an undervalued rate. "There's no easy answer to the problem. But the answer is not to deny the problem," he said. "China's currency policy and export-led growth policy are bad for the rest of the world as well" as the United States, Levin told a congressional panel. Levin said he intended to hold "some vigorous discussions this week" with Treasury officials on the currency issue. Branding China a currency manipulator would require U.S. Treasury Secretary Timothy Geithner to hold negotiations with China, bilaterally or at the International Monetary Fund. The IMF called the yuan "substantially undervalued" in a March 1 report. Most U.S. economists agree that the yuan is undervalued. But not all think a revaluation would bring back U.S. jobs, because many of the labor-intensive products Americans buy from China have not been made in the United States for decades. Critics of the currency hawks also warn against moves that would trigger a trade war with China, which holds $889 billion of U.S. bonds and whose diplomatic help is needed to tame the nuclear ambitions of Iran. Joseph Brusuelas, chief economist at Brusuelas Analytics, sees "little question regarding whether Beijing targets the level of its currency," but argues against naming China a manipulator. "Such a finding will exacerbate economic tensions between the U.S.-China and could push the Obama administration to adopt a counterproductive set of policies that would endanger the nascent global economic recovery," he wrote in a research report. "INDIGENOUS INNOVATION" CONCERNS Zhong highlighted global stability in rejecting pressure on the currency in his talk with business leaders. "A dip in the value of dollar will undoubtedly bring great repercussions to the global financial system and the world economy," he told the U.S. Chamber of Commerce. "The right way to reach trade balance between China and the U.S. should be expanding exports from the U.S. to China, rather than limiting China's exports to the U.S.," Zhong added. U.S. exports to China hit about $70 billion in 2009 -- representing flat growth over 2008. In a global economic slowdown, China was the third-biggest market for U.S. exporters and it remains the fastest-growing one. But U.S. business leaders increasingly complain they are hitting a protectionist wall in China as a result of government policies favoring domestic industries and that Beijing is increasing state involvement in the economy. "Regrettably, China is moving in a direction that is inconsistent with international best practice in developing an innovative economy," said Myron Brilliant, senior vice president of the U.S. Chamber of Commerce. China's policies are undermining business leaders who have long defended Beijing from U.S. protectionist pressures. "The ongoing policy approaches by China are eroding the support of their long-standing advocates in the United States, diminishing the many good arguments we have used historically in support of this relationship," Brilliant said. China and the United States have been at odds throughout 2010 -- over issues such as Google's decision to defy Chinese Internet censorship, U.S. weapons sales to Taiwan, Tibet and sanctions against Iran's nuclear program. Zhong was also slated to visit the U.S. Treasury Department, Commerce Department and the Trade Representative's office. A Commerce Department official said U.S. officials who hosted Zhong discussed trade remedy issues, anti-dumping and countervailing duties. "We also took the opportunity to raise our broader trade-related concerns, such as indigenous innovation," she said, referring to Beijing's buy-Chinese directives that U.S. businesses in China cite as a major and growing trade barrier. (Writing by Paul Eckert; Editing by Andrew Hay and Dan Grebler) World China Comments See All Comments (2) | Post Comment Mar 24, 2010 2:30pm EDT it’s time to place tariffs on all imports from china, the proper amount would be the exact same tariffs and quotas they put on our exports to them. Trade with China will go down as the biggest economic mistake in US History jwws9999 Report As Abusive Mar 24, 2010 3:10pm EDT It’s time for America to het very tough with China who treats there people so badly,I would put very strong tariffs on China and default on the money we own them.China is hacking our government and military counputer and much more,I might even tell China we will noy buy any of your products any more,China is try to become the most advanced military in the world and stealing our high tech stuff plus they have the worst human rights in the world.Screw China and id we don’t get tough with them they will become the most powerful military in the world-there spending so much money on that now,just cut them off and pull all our companies out of there country as they steal our high tech at them.Stop all chinese from coming here to study at our colleges.All the cheap throw away product we but from them that money goes to there military build up and ther going to try to take Tawian.Know more cheap Chinese products in America,We can make our own products or get them from a better country with fare trade. creasybear27 Report As Abusive See All Comments (2) Add a Comment More from Reuters Inside a global cybercrime ring It was a full-fledged company with a call center, HR department, and company parties. Employees cranked out code at a frenzied pace. The product? Computer viruses. Full Article Law would identify cybercrime havens Technology Is Obama's next act doomed? Still seething over the healthcare bill, Republicans look poised to throw the rest of the president's agenda in jeopardy. Full Article Abortion fight looms on elections Is this a sign of Dems' future strategy? Sarah Palin puts her star power to work Politics Deep divide over Jerusalem For Israelis, Jerusalem is their "eternal and indivisible" capital. For Palestinians, there can be no peace deal until they have control over at least part of the city. Full Article | Related Story Researchers dig up controversy Factbox: A focus of faith and conflict What's at stake? Why does it matter? World © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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