Pressure on currency policy could backfire on the U.S., China says

09/17/2010 | China Daily (Beijing) · Xinhuanet.com (China) · Google

China warned U.S. officials against trying to influence its exchange-rate policy by applying pressure. Foreign Ministry spokeswoman Jiang Yu said turning up the heat on the issue would not solve the U.S.'s trade problems with China and could make the situation worse. U.S. criticism of the yuan's value has been driven by domestic political concern because Democrats fear losses in the midterm election, bank executives and economists said.

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China Daily (Beijing) · Xinhuanet.com (China) · Google

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