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China blasts 'bunch of baby-kissing politicians' in Congress
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06/13/10 01:09 PM ET
China's state-run news agency Xinhua on Sunday defended the country against the latest surge of congressional accusations that it's manipulating its currency to keep exports artificially cheap.
In an article published on its English-language web site, Xinhua said lawmakers were "playing a dangerous game" that will "inevitably mislead the American public, and poison the atmosphere of Sino-U.S. economic cooperation."
"These congressmen, prompted by a need to appease American workers frustrated by the loss of millions of jobs in the global financial crisis, and to woo constituencies in elections to be held later this year, are resorting to their old trick of blaming everything on China," the article says.
Later, the article adds that "(t)hese congressmen claim they are the white knights defending the interest of the American people, but in fact, they are nothing more than a bunch of baby-kissing politicians trying to swing voters by manipulating the yuan debate."
The issue is flaring up again as China reported a 48.5 percent jump in exports in May over a year ago, even as the U.S. and Europe struggle with their recovery. Treasury Secretary Timothy Geithner testified Thursday before the Senate Finance Committee that China has not given any indication that it's ready to act in the short-term, and Sen. Chuck Schumer (D-N.Y.) made it clear lawmakers' patience is growing thin.
Schumer has introduced a bill that would tax Chinese imports to make up for the perceived unfair advantage of an undervalued currency, and warned Geithner the Senate was "going to do it soon."
The issue is bound to come up later this month when the economic powerhouses that make up the Group of 20 meet in Toronto.
Some European leaders, facing their own slow, jobless recovery from the so-called Great Recession, have called for a united U.S.-European front against China on the currency question.
In an article published on its English-language web site, Xinhua said lawmakers were "playing a dangerous game" that will "inevitably mislead the American public, and poison the atmosphere of Sino-U.S. economic cooperation."
"These congressmen, prompted by a need to appease American workers frustrated by the loss of millions of jobs in the global financial crisis, and to woo constituencies in elections to be held later this year, are resorting to their old trick of blaming everything on China," the article says.
Later, the article adds that "(t)hese congressmen claim they are the white knights defending the interest of the American people, but in fact, they are nothing more than a bunch of baby-kissing politicians trying to swing voters by manipulating the yuan debate."
The issue is flaring up again as China reported a 48.5 percent jump in exports in May over a year ago, even as the U.S. and Europe struggle with their recovery. Treasury Secretary Timothy Geithner testified Thursday before the Senate Finance Committee that China has not given any indication that it's ready to act in the short-term, and Sen. Chuck Schumer (D-N.Y.) made it clear lawmakers' patience is growing thin.
Schumer has introduced a bill that would tax Chinese imports to make up for the perceived unfair advantage of an undervalued currency, and warned Geithner the Senate was "going to do it soon."
The issue is bound to come up later this month when the economic powerhouses that make up the Group of 20 meet in Toronto.
Some European leaders, facing their own slow, jobless recovery from the so-called Great Recession, have called for a united U.S.-European front against China on the currency question.
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