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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World China rejects US accusations on yuan AFP - 1 hour 32 minutes ago Send IM Story Print China rejects US accusations on yuan Slideshow: Full Photo Coverage: Business & Economy BEIJING (AFP) - – China on Saturday again defended its foreign exchange policy, dismissing as "baseless" a call by US lawmakers for a probe into the impact of alleged Chinese currency manipulation on American industry. Facing election-year pressure, US lawmakers from both sides of the political aisle have vowed to launch legislative action within weeks to punish China over its currency policy. They say China keeps the yuan undervalued, making Chinese exports cheaper and leading to massive job losses and factory closures in the United States and a ballooning trade deficit. In a letter to Commerce Secretary Gary Locke this month, they sought a ruling on whether Beijing's currency policy provided an "unfair subsidy for Chinese paper products that should be remedied through trade measures." But Chinese commerce ministry spokesman Yao Jian on Saturday warned using trade measures to pressure Beijing could violate international trade rules. "The WTO regulates trade policies, not financial or foreign exchange policies," he said. "The yuan issue falls outside the WTO's remit." US Treasury Secretary Timothy Geithner, under fire for delaying a Treasury report to Congress due in April that could have labelled China a currency manipulator, said Thursday Beijing's refusal to revalue its currency impeded global economic reforms. But Yao said a yuan change would not solve the US trade deficit and that China was actually propping up global recovery through a surge in imports to the country. The latest US trade data Thursday showed the US deficit with China expanded by 14.3 percent to 19.3 billion dollars in April. Last year, the deficit rose to a whopping 227 billion dollars. China injected some flexibility into its currency in 2005 following US pressure, but when the global financial crisis erupted in 2008, it repegged the yuan to around 6.8 to the dollar. Recommend Send IM Story Print Related Articles China rejects US accusations on yuan AFP - 1 hour 32 minutes ago Taiwan's AUO confident over US price-fixing charge AFP - 1 hour 40 minutes ago China says foreign direct investment jumps AFP - 2 hours 34 minutes ago US trade body to look into HTC complaint against Apple AFP - Saturday, June 12 Foreign investment in China up 27 percent in May AP - Saturday, June 12 News Search Top Stories Britain honours actress Zeta-Jones, F1 racer Coulthard At least 16 die in US campsite flood disaster Curfew in south Kyrgyzstan after 45 killed in clashes Euro to hit dollar parity in 2011, if still exists: analyst US retail sales plunge for first time in eight months More Top Stories » Related Full Coverage China Economychina economy All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended Missing US yacht girl found safe in Indian Ocean Ahmadinejad blasts US, says Israel is 'doomed' Obama has made 'big mistake' with Iran: Ahmadinejad Euro to hit dollar parity in 2011, if still exists: analyst Pope begs forgiveness for 'abuse of the little ones' More Most Viewed » Hubble catches planet being devoured by its star The point about pain: New study sheds light on acupuncture Clashes as Israeli forces storm Gaza aid boat: Hamas TV Egypt unearths tomb of pharaonic army chief Physicists solve mystery of missing neutrinos More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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