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BEIJING (Reuters) - An angry China warned Washington on Tuesday that passage of a bill aimed at forcing Beijing to let its currency rise could lead to a trade war between the world's top two economies.
China's central bank and the ministries of commerce and foreign affairs accused Washington of "politicising" currency issues and putting the global economy at risk after U.S. senators voted on Monday to start a week of debate on the bill.
The response suggested China sees a greater risk from the proposed bill than it has in the past when U.S. lawmakers attempted to put forward similar legislation to speed up the pace of appreciation in the yuan, or renminbi.
Beijing made similar remarks last year after the House of Representatives passed a currency bill that later failed to make any further progress in Congress.
Tuesday's coordinated salvo and the central bank's warning of a trade war and a slowdown in China's exchange rate reforms indicated Beijing was taking the latest currency bill more seriously.
"It is very rare for three different ministries of the country to refute something so quickly and strongly, showing how deeply the Chinese government is concerned about the yuan bill," said Wang Zihong, a researcher at the China Academy of Social Sciences, a top government think tank.
On Monday the US Senate was expected to pass a bill allowing for the imposition of tariffs on Chinese goods. Even if the protectionist drive in America now pauses for a while, this confrontational mood in the US poses a dilemma for China’s neighbours. China is now the largest trading partner for Japan, India, Australia, South Korea and most of the nations of south-east Asia. But these countries still have their most important military relationship with the US. How long can their economic and strategic interests point in different directions?
Not for long, if one is to judge by an editorial in the People’s Daily last week. The official newspaper of the Chinese Communist party took aim at “certain countries” who “think as long as they can balance China with the help of US military power, they are free to do whatever they want”.
The article was probably provoked by a statement from Japan and the Philippines, the previous day, in which the two countries promised to boost naval co-operation and implicitly disputed China’s extensive territorial claims in the South China Sea. But China’s warning could equally have been aimed at Vietnam, India, South Korea, Australia or Taiwan – all of whom have moved over the past year to strengthen military ties with America.
Originally posted by KingAtlas
I think this was covered (being) in another post
Sorry if I am wrong but....
"Jeffrey Pelt: Mr. Ambassador you have nearly a hundred naval vessels operating in the North Atlantic right now! Your aircraft has dropped enough sonar buoys so that a man could walk from Greenland to Iceland to Scotland without getting his feet wet! Now shall we dispense with the bull
Originally posted by sir_slide
Hate to say it but it's pretty much over if they declare economic warfare (not that they havent been doing it for years), But it will be bad...no more plastic furniture.....
Originally posted by USAisdevil
Good good USA is finally doing the right thing.Now the chinese might decide to collapse USA and seize all american assets in China as a result. Hell even american weapons are dependent on chinese components
www.libertynewsonline.com...
Hell will america be even able to launch its trident missiles or are they also made in china components assembled in usa type.
www.darkgovernment.com...
what will happen when your president decides to send F-22 Craptor to attack China?
Ans: they will crash in Chicom land with fake chinese chips causing them to fall apart .win win for china anyways. China will get more american technology for FREE
"Jeffrey Pelt: Mr. Ambassador you have nearly a hundred naval vessels operating in the North Atlantic right now! Your aircraft has dropped enough sonar buoys so that a man could walk from Greenland to Iceland to Scotland without getting his feet wet! Now shall we dispense with the bull
are those sonar buoys made in china too?edit on 4-10-2011 by USAisdevil because: (no reason given)
Originally posted by DerbyCityLights
Screw China. They have been devaluing their currency at the detriment of the rest of the world for decades and it has got to stop. If they want to play dirty, we will raise tariff's and import taxes...that is, if our government has the balls to actually do this instead of backing down...again. this is not the first time this has been proposed.
Originally posted by KingAtlas
Whoa whoa whoa
China's economy is not at fault for the decline of the american economy.
It's the deregulation of the financial sector.
The U.S. is to blame for it's own problems, it created its own demise.
All those bill's passed thought congress and the american public let it happen.
No one got upset until everything fell apart.
China is a growing economy and it makes sense for them to developpe their industrial sector, the problem is that the U.S. didn't focus on the technology and inovation sector. It could have been a really nice transition and it would have mean a stronger economy and better jobs.
What happened was that instead fo doing this, they focused on the financial sector. Which imploded because lobbyist pushed deregulation, and when obama came in he kept all the same people in the same jobs and called it change.
the american people should have revolted. Don't blame a skapegoat thats just bull.
Originally posted by KingAtlas
Yes I understand where you are coming from, but look at it from the outside aswell.
It's like putting dog food in front of a dog, then blaming him for eating it.
I know communism isn't a good system, but neither is democracy.
When 51% of the people control how the other 49% live, it's not that much better.
But gotta love the illusion.
And when you really break it down it's more like 35% for the country controls the vote.
I am not saying you should become communist, i understand it is a detrimental system.
But what I am saying is that if people don't pay attention to what the government is doing and say something as it happens, why complain and look at others when everything falls apart.
-edit- I was just reminded of how when america was first being created, they thought their system was the best, and that the Native americans were savages and Godless monsters... how things have changed...
These bills passed through congress.
The government wants their people looking outward, gotta have an enemy to blame. The way they run their country doesn't matter is yours is falling apart.
China's economy isn't that strong anyways. They are having their own troubles.
edit on 4-10-2011 by KingAtlas because: added