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36 American Chambers Of Commerce Once Again Sent A Letter To Congress &Nbsp; They Oppose The Passage Of The Renminbi Bill.

2010/9/18 11:20:00 51

When the US House of representatives will hold a hearing on the issue of RMB exchange rate, 36 American Chamber of Commerce organized a letter to the house of Representatives on the 14 day, and firmly opposes the adoption of legislation.

RMB

Appreciation urged members of Congress not to pass a "monetary bill" designed to impose punitive tariffs on some Chinese products.

In June 30th this year, the chamber of Commerce issued similar letters to the US Senate.

The 36 chambers of Commerce said in their letter that their strong opposition is based on a number of reasons. First, there is no accepted way to determine what a country's exchange rate will be when it is not determined by the market. Therefore, it is certain that the appropriate value of the renminbi value in China will be subjective, unilateral and potentially politicized; secondly, the bill may violate the relevant rules of the world trade organization.

These ones here

Commerce Chamber

The group said they agreed that China needed a better exchange rate to reflect global trade flows, but resolutely disagreed with the goal of legislations against anti-dumping or countervailing duties.

They said: "if such a threat is taken, it is impossible for China to continue to carry out a more rapid exchange rate reform."

The letter also pointed out that the United States should not help the country by destroying or violating international rules.

Economics

Prosperity.

They also believe that if Congress passes the bill, China may successfully challenge these measures in the US at WTO, when the international community will shift its focus from China's trade policy to us trade policy, and these measures may also threaten the export of us products to this fastest growing overseas market.

The 36 chambers of Commerce include the National Committee of the US China trade, the American Chamber of Commerce, the National Retail Federation of the United States, the US trade emergency committee, and so on, covering many fields such as medical, insurance, meat, electronics, finance, securities, textiles, clothing, sporting goods and so on.

Beginning in September 15th, the US House of Representatives Preparatory Committee will launch a two day hearing on the issue of RMB exchange rate.

Lawmakers may push a currency bill in the near future. If the bill is passed by Congress, the US Department of commerce can be authorized to impose anti-dumping and countervailing duties on imports from China to offset the so-called "underestimation" of the renminbi.

On the issue of the RMB exchange rate, Chinese Foreign Ministry spokesman Jiang Yu said at a press conference last week that the direction of China's further reform of the RMB exchange rate formation mechanism will not change.

However, China firmly opposes politicizing economic and trade issues, and the reform of the RMB exchange rate formation mechanism can not be pushed forward under external pressure.