Pressing China on yuan will hurt US economy: US media

• Source: Xinhua
• [09:12 March 19 2010]
• Comments

The China-made clothes are sold at a Marshalls store in New York, the United States, March 18, 2010. The Americans may find that the appreciation of China's RMB will increase their living cost, as many goods they have been consuming are made in China.Photo: Xinhua

The efforts by US legislators to pressure China to reform its currency is to make China a scapegoat of the US domestic politics, and may actually hurt the US economy, according to articles published by US well known media in recent two days.

The Wall Street Journal said Thursday that US lawmakers "want to make the yuan a scapegoat and risk a trade war with China," referring to the US Senators' bill proposed Tuesday to call for China to appreciate its currency yuan.

Under the pressure of the election year and high unemployment, US Senator Chuck Schumer and four other senators unveiled a legislation to threaten China for punitive duties on goods from China if it does not let yuan appreciate against the US dollar.

"China is right to resist these calls, not least because a large revaluation could damage China's growth," the Wall Street Journal said in its Review and Outlook column. "China has helped to lead the global economy out of this recession, and the world needs that to continue."