China asks US investigation to drop inquiry claiming Yuan undervalued

The US investigation into Chinese exports of cable or twist ties, with the US Department of Commerce imposing tariffs. The investigation is held after the case determining that producers are getting an unfair advantage because of the currency. China said a preliminary US ruling that it allegedly provided a trade allowance to some exporters by depreciating the yuan violated international rules.

China’s Commerce Ministry called on US authorities to stop its investigation, while also disputing the initial finding. A statement released by China’s ministry said on its website Saturday, citing an unidentified official, “The move seriously violated relevant international rules. We hope the US Department of Commerce will fully consider the evidence and counter opinions submitted by the Chinese side and correct the relevant wrong practices and conclusions.” The call by the US that the yuan’s exchange rate to the dollar was undervalued by 5% in 2019 is “completely wrong” and isn’t supported by any analysis. The US ruled that cable-tie exporters from China received “countervailable subsidies” from the country’s undervalued currency. 

By the past month, the US imposed similar sanctions on Vietnamese exports of car and truck tires, citing the nation’s “undervalued currency.”

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