Home / Knowledge / News / Take punitive measures against Yuan manipulation – Senate
Take punitive measures against Yuan manipulation – Senate
23
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

Textiles | On 26th May 2017

Lenzing unleashes new eco-friendly fibre

There's a new eco-friendly fibre on the anvil—Austrian speciality...

Apparel/Garments | On 26th May 2017

Benetton seeks approval for FDI in single-brand retail

Global fashion brand Benetton Group, has sought Indian government's...

Apparel/Garments | On 26th May 2017

Walmart to conduct GST workshops for SME suppliers

With the objective of supporting its small and medium-sized (SME)...

Interviews View All

Siddharth Biyani
Mangalam Industries Pvt Ltd

‘The manufacturing sector is improving day-by-day, becoming better in...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search