Home / Knowledge / News / Textiles / Chinese call new US currency act unfair
Chinese call new US currency act unfair
Oct '10
The US House of Representatives recently passed the "Currency Reform for Fair Trade Act". Reacting to the same, spokesman of the China Ministry of Commerce, Yao Jian pointed out that, it is inconsistent with relevant WTO rules to conduct countervailing investigation on grounds of exchange rate.

Yao stressed that Sino-US economic and trade cooperation is mutually beneficial for both the countries. China has been the fastest growing market for US exports. US exports to China increased 36.24 percent from January to July this year, 14.4 percent higher than the growth rate of US imports from China and also 13.6 percent higher than the growth rate of overall US exports.

He says that China is willing to work with the United States, takes measures to continuously promote Sino-US trade in a more balanced direction. He hopes that all concerned in the United States make an objective and comprehensive assessment of the facts, make right choice favorable towards long-term development of Sino-US economic and trade cooperation, conducive to the interests of the United States itself.

Yao pointed out that China has never favoured the way of gaining competitive advantage through undervalued currency. The status of Sino-US trade has been decided by trade and investment structure between the two countries and it is the result of global division and structural adjustment under the context of economic globalization.

China has trade surplus with the United States, but China also has huge deficit in trade with many Asian countries and regions and it cannot be inferred that, China undervalues its currency just because the United States has trade deficit with China and attempts to adopt trade protectionist measures on the grounds.

He stressed that the problem in Sino-US trade balance cannot be solved through unilateral negative limitation and that the United States should take positive measures by lifting its export restrictions, in order to enable more marketable products to be exported to China.

Fibre2fashion News Desk

Must ReadView All

Textiles | On 20th Feb 2017

UK textile & apparel exports up 7.05% in 2016: UKFT

The exports of apparel and textiles from the UK have increased by...

Textiles | On 20th Feb 2017

Himatsingka Seide incorporates subsidiary in Europe

Himatsingka Seide Ltd, one of the largest producers of home textiles...

Textiles | On 20th Feb 2017

IVL receives distinction for sustainability performance

Indorama Ventures Public Company Limited (IVL), one of the world’s...

Interviews View All

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Kevin Nelson

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

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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

February 2017

February 2017

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


Browse Our Archives


Subscribe today and get the latest News update in your mail box.
Advanced Search