Facing a new punitive bill on its exports, Beijing urged the US Congress to back away, the South China Morning Post reported. The Chinese governmet also pledged further reforms that would affect the value of the yuan. US senators unveiled a new bill Wednesday that would punish countries with "misaligned" currencies, like China. But Foreign Ministry spokesman Qin Gang urged the US to carefully look at new measures adopted by the government. "China has adopted a managed floating renminbi exchange-rate regime and we have already begun reforms," he said. "We hope the US side can recognize this in an objective manner." The proposed US bill was unveiled after a semi-annual US Treasury report that stopped short of branding Beijing a "currency manipulator" but pointed to some economic problems caused by the controlled exchange rates, like huge build ups of foreign exchange reserves.
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