China: US Congress has no place in currency spat

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

SEOUL: A senior Chinese official is warning that US lawmakers shouldn't interfere in a spat over a Chinese currency policy that US critics say costs American jobs.

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


Cui says China's currency policy shouldn't be a focus of this week's Group of 20 economic summit in Seoul.
US lawmakers and manufacturers contend that an undervalued Chinese currency gives Beijing an unfair trade boost.

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