(Updates with additional comment in first paragraph.)
Oct. 26 (Bloomberg) -- U.S. Congressional demands for an immediate appreciation in the Chinese currency are “not reasonable” and the country will go at its own pace, China’s Foreign Ministry spokeswoman Jiang Yu said today.
“Requesting China to have a large degree of appreciation of the yuan in the short term is not reasonable,” Jiang said at a briefing today in response to a question about the government’s stance on U.S. Congressional legislation that would push China to let its currency appreciate.
“We will continue to steadily reform the exchange rate but this process is gradual,” Jiang said.
China’s long list of trade abuses “cannot be an excuse for refusal to act” on its misaligned currency, Representative Sander Levin, a Michigan Democrat, said yesterday at a House Ways and Means Committee hearing. The Senate adopted legislation Oct. 11 that would let U.S. companies seek duties to compensate for a weak Chinese currency, which makes Chinese products less expensive relative to U.S.-made items.
Jiang said China’s policy would be in response to the country’s own situation. Politicizing trade issues will only harm trade cooperation between the U.S. and China, and “cannot solve the U.S.’s own problems,” she said.
Republican House Speaker John Boehner of Ohio on Oct. 6 said the Senate measure is “dangerous” and has said it “poses a very severe risk of a trade war.”
--Regina Tan. Editor: Nicholas Wadhams, Patrick Harrington.
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