China opposes US bill on foreign currency reform

China's Foreign Ministry spokeswoman Jiang Yu stated China firmly opposes legislation passed by the US House of Representatives to penalise countries that allegedly manipulate their currency values for trade advantages (Xinhua/Bloomberg, 30-Sep-2010). The US House of Representatives this week passed the proposed Currency Reform for Fair Trade Act, which allows the Commerce Department to impose trade sanctions against its trade partners for allegedly manipulating their currencies.