US ultimatum over yuan receives cool reaction

From The Standard:

The mainland said a threatened US bill giving it six months to revalue the yuan would be the wrong way to handle the sensitive issue.

“We believe this is not a way to resolve differences,” foreign ministry spokesman Kong Quan said Thursday.

“Every country’s economic and financial policies are implemented and established based on the country’s specific situation.”

A least a dozen US senators are said to have agreed to co-sponsor the bill which would give China “a window of 180 days” to revalue the yuan or face a 27.5 percent tariff on all mainland manufactured goods entering the United States.

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