Chinese Commerce Minister Chen Deming warned the US against imposing trade sanctions over the value of the renminbi, the Wall Street Journal reported. The US Treasury Department due to decide by April 15 whether to label China a currency manipulator in its semi-annual report to Congress and a group of senators last week introduced legislation that would require the US to impose trade penalties on nations that fail to address misaligned currencies. Although the renminbi has barely moved against the US dollar since July 2008, following a period of incremental appreciation, China argues that its currency is not undervalued. “If this answer is accompanied later by trade sanctions and trade actions, I think we won’t turn a blind eye," Chen said in reference to the Treasury report. Separately, a survey by the American Chamber of Commerce in China found that a growing number of US companies feel unwelcome in China.
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