Home / Knowledge / News / Take punitive measures against Yuan manipulation – Senate
Take punitive measures against Yuan manipulation – Senate
Mar '10
Some members of the United States Senate put forward draft legislation, requesting the Government to take punitive measures against China's "currency protectionism" on March 16.

130 members of the Congress sent a joint letter to the US Treasury and the Department of Commerce on the previous day, demanding the government, to recognize China as a "currency manipulator",

Analysts point out that member's of Congress stirred the issue of Yuan exchange rate, mainly due to domestic social pressures and electoral political considerations

Senator Brown said at a news conference, "President Obama has put forward the plan of doubling exports from the United States in the next 10 years. However, this plan can not be achieved, if the exchange rate issue is not resolved."

Democratic Senator Charles Schumer who took the lead in the drafting of the motion claimed, "Premier Wen Jiabao says the problem of low value of the Yuan does not exist, but we are no longer willing to hear such comments and we are here today to tell him that we have to force him to adjust the Yuan exchange rate."

In a news conference held recently, Chinese Premier Wen Jiabao, severely criticized the pressure of some countries to appreciate the Yuan. He firmly pointed out that the Renminbi is not undervalued and that China will not bow to foreign pressure.

Chinese Ministry of Commerce spokesman YAO Jian has warned the United States not to politicize the Renminbi issue.

Fibre2fashion News Desk

Must ReadView All

Union textiles minister Smriti Irani addressing at the Texprocil Annual Export Awards. Courtesy: PIB

Textiles | On 22nd Oct 2016

Govt to extend special package to home textiles segment

The Central government is likely to extend the recently approved Rs...

Reebok Liquid Speed Grey. Courtesy: Business Wire

Apparel/Garments | On 22nd Oct 2016

Reebok’s Liquid Factory brings sneaker creation to US

Reebok, a pioneer in the sporting goods industry, has brought sneaker ...

Courtesy: GHCL

Textiles | On 22nd Oct 2016

GHCL to invest Rs 67.25 crore in textile division

Chemicals and textiles firm GHCL will invest Rs 67.25 crore in its...

Interviews View All

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Anvita Mehra
Confidential Couture

‘It is going to take some time for Indian buyers to get accustomed to...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Kevin Nelson

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


Advanced Search