US Chamber: Revaluating yuan counterproductive
27 April 2007
The push by the US Congress to force China to revalue the yuan would not address the trade imbalnce, the American Chamber of Commerce in China said in its latest white paper. The paper also said the US must do more to promote trade with China by relaxing export controls and visa policies while continuing to press Beijing for more market access, improved intellectual property rights and more transparency, the South China Morning Post reported. The Chamber says politically charged approaches to deal with trade can "undermine the international trade regime, derail constructive dialogue, and ultimately weaken the competitive position of US business and the overall economy without advancing commercial interests." The warning comes a month after the US Congress voted to impose steep tariffs on Chinese exports of glossy paper. Rising protectionism in a Democratic-led Congress has led to speculation of even further action.
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