China calls on US to avoid protectionism

China’s Foreign Ministry called on US lawmakers to resist “excuses” for trade protectionism in response to Senator Harry Reid’s recent push for legislation aimed at Chinese currency controls, Reuters reported. “We urge members of the U.S. Congress to see clearly the importance of economic and trade cooperation between China and the United States, and its mutually beneficially, win-win character,” Ministry spokeswoman Jiang Yu said. Reid’s drive for a bill on the renminbi exchange rate reflects the belief of many in Washington that China’s currency remains undervalued. US lawmakers have been considering legislation on the matter since 2005, with the House of Representatives passing a bill last year that the Senate rejected. The renminbi has risen about 3% against the dollar this year, and 6.75% since its depegging in June 2010.