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US currency bill "good for no one": Dr. Kuhn

09-26-2010 15:40 BJT Special Report:US Tightens Pressures on Yuan Rise |

BEIJING, Sept. 26 (Xinhua) -- The U.S. Congress has moved a step closer to imposing punitive measures against China for allegedly manipulating its currency, the RMB, as the Ways and Means Committee of the House of Representatives approved the currency bill, paving the way for a vote in the full House next week.

As some lawmakers claimed that it is the exchange rate of the Chinese currency, the RMB, that causes America's trade deficit with China, the bill would allow the U.S. Commerce Department to use estimates of currency undervaluation to calculate and slap countervailing duties on imports from China and other countries.

How much relevant is the Chinese currency to the U.S. trade deficit with China? What is the future of the bill? What consequences would the currency bill have if it becomes law? What effect would a drastic appreciation of the RMB have on the Chinese economy and the world?

With these questions, Xinhua economic writer Zhang Zhengfu has had an exclusive interview with Dr. Robert Lawrence Kuhn, an international investment banker and corporate strategist, and author of the book "How China's Leaders Think: The Inside Story of China's Reform and What This Means for the Future".

Following are excerpts from the questions and answers:


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