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China’s Currency and Cheap Products

China hits back at US over trade and currency

Chinese foreign ministry spokesman Ma Zhaoxu: “Accusations and pressure do not help”

China has hit back at the US a day after President Barack Obama promised to take a tougher line with Beijing over currency and trade. Chinese foreign ministry spokesman Ma Zhaoxu insisted the value of the Chinese yuan was not the main reason for China’s trade surplus with the US. Mr Obama vowed to ensure that countries were not giving their currencies an unfair advantage over the dollar. Ties between the US and China have been strained over an arms deal with Taiwan. Tensions have also risen over reports of Chinese cyber attacks on US-run websites and a planned visit to the US by the Dalai Lama. US companies have long complained that China keeps its currency artificially undervalued, allowing a steady flow of cheap exports around the world. – Source

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