By Silla Brush - 06/12/10 02:16 PM EDT
China said Saturday congressional legislation to punish the country as a currency manipulator was against international trade rules.
Bipartisan legislation that is championed by Sen. Charles Schumer (D-N.Y.) would give the U.S. government greater power to punish China for for not allowing its currency to fluctuate. Chinese officials argued the legislation is against World Trade Organization (WTO) rules.
"It is against facts and lacks support from WTO rules," a Chinese Ministry of Commerce spokesman said Saturday, according to Reuters.
Treasury Secretary Timothy Geithner has criticized China's currency policies, but the administration delayed an April report that could have officially called China a currency manipulator.