Home / Knowledge / News / Textiles / 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

Pic: Shutterstock

Apparel/Garments | On 9th Apr 2020

Make your position clear: BGMEA to buyers

The Bangladesh Garment Manufacturers and Exporters Association...

Pic: Shutterstock

Textiles | On 9th Apr 2020

Contract killer: The clause breaking supply chains apart

Even though force majeure clauses are almost always written into...

Pic: Shutterstock

Apparel/Garments | On 9th Apr 2020

Bangla PM unveils fresh stimulus packages worth Tk67750 cr

Prime Minister Sheikh Hasina recently unveiled a set of stimulus...

Interviews View All

Headhonchos, Indian fashion industry

Headhonchos
Indian fashion industry

Organic the first choice of any environment-conscious person

Yash Maniyar, Rekha Maniyar

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Prabu Mohanram, Balavigna Weaving Mills Pvt Ltd

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Herbert Guebeli,

Herbert Guebeli

Switzerland-based Sedo Engineering develops technologies for the denim...

Mehul Vithalani,

Mehul Vithalani

Gopi Knitts is one of the most celebrated manufacturers and suppliers of...

Rikesh Mistry,

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Hemant Bheda, Arevo

Hemant Bheda
Arevo

Arevo, based in Silicon Valley in California, develops technology to...

Steve Cole, Xerium Technologies

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Dave Rousse, INDA

Dave Rousse
INDA

INDA, a global association of the nonwoven fabrics industry, has been...

Aneeth Arora, Péro

Aneeth Arora
Péro

The Woolmark Company has partnered with handmade fashion label Péro and...

Sweta Agarwal, A Humming Way

Sweta Agarwal
A Humming Way

A Humming Way (AHW) is inspired by the old-world regalia of Rajasthan...

Ruma Devi, Gramin Vikas Evam Chetna Sansthan

Ruma Devi
Gramin Vikas Evam Chetna Sansthan

Ruma Devi is a jet-setting promoter of artisans who has empowered...

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

Leave your Comments


April 2020

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


Advanced Search