OREANDA-NEWS. October 17, 2011. The People's Bank of China, the country's central bank, Wednesday expressed its firm opposition to the U.S. Senate's passage of a bill to push China to let the yuan appreciate further.
 
China has accelerated the reform of yuan exchange rate formation mechanisms and achieved pronounced progress in recent years. The exchange rate of the yuan is approaching a reasonable and balanced level, which has made an important contribution to global economic and financial stability, said the central bank in a statement posted on its website.
 
The statement said the U.S. Senate was seeking external excuses for the country's chronic problems, and politicizing the economic issue by repeatedly ignoring facts and indulging in a dispute over the yuan exchange rate. But that can not help solve the internal problems in the United States and will severely impair Sino-U.S. trade ties and damage the global economy.
 
The U.S. Senate's bill would allow the U.S. government to slap countervailing duties on goods from countries found to be manipulating their currencies to subsidize their exports.
 
Before the bill becomes a law, it would have to clear the House of Representatives and then be signed by President Barack Obama.