BEIJING will take retaliatory steps if the US declares China a currency manipulator and imposes trade sanctions, commerce minister Chen Deming yesterday said, the latest salvo in a spat over the value of the yuan.
Chen, speaking at the China Development Forum, again accused Washington of politicising the issue ahead of an April 15 deadline when the US Treasury must decide whether to declare China a currency manipulator.
"The currency is a sovereign issue and should not be an issue to be discussed between two countries," he said. "We think the renminbi is not undervalued, but if the US Treasury gave an untrue reply for its own needs, we will wait and see. If such a reply is followed by trade sanctions, I think we will not do nothing. We will also respond if this means litigation under the global legal framework."
He did not specify how Beijing might respond.
Reuters
Monday, March 22, 2010
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