China state media takes aim at U.S. currency bill

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http://uk.reuters.com/article/2011/10/02/us-china-usa-yuan-idUKTRE7910LM20111002

(Reuters) - China's official news agency derided on Sunday U.S. lawmakers' efforts to pressure Beijing over its currency policy as "expedient and shallow," saying they were resorting to an old habit of deflecting blame on China.

"This has become a common practice -- whenever the (U.S.) economy is slow, whenever an election is nearing, voices in the United States pressing for the rise of the renminbi are all over," Xinhua said in a commentary, referring to the yuan by its official name.

The remarks were published a day before the U.S. Senate decides whether to take up legislation that would allow companies to seek countervailing duties against countries with undervalued currencies, which could be considered unfair subsidies.

U.S. lawmakers contend China undervalues its currency by as much as 25 to 40 percent, giving Chinese products an unfair competitive advantage in global markets and resulting in millions of lost jobs.