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US Congress has no place in currency spat,China

aa-dollar-and-Chinese-yuanSEOUL: US lawmakers shouldn’t interfere in a spat over a Chinese currency policy that US critics say costs American jobs,warned by senior Chinese official.

”if either side chooses a confrontational approach, I think everybody will come out as losers.” said by Chinese Vice Foreign Minister Cui Tiankai said in an interview Wednesday.

Cui says China’s currency policy shouldn’t be a focus of this week’s Group of 20 economic summit in Seoul.

The US House of Representatives passed legislation in September to allow Washington to sanction governments that manipulate their currency for trade advantage.

US lawmakers and manufacturers contend that an undervalued Chinese currency gives Beijing an unfair trade boost.

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