US ultimatum over yuan receives cool reaction

From the Standard via China Digital News:

The mainland said a threatened US bill giving it six months to revalue the yuan would be the wrong way to handle the sensitive issue.

``We believe this is not a way to resolve differences,'' foreign ministry spokesman Kong Quan said Thursday.

``Every country's economic and financial policies are implemented and established based on the country's specific situation.''

A least a dozen US senators are said to have agreed to co-sponsor the bill which would give China ``a window of 180 days'' to revalue the yuan or face a 27.5 percent tariff on all mainland manufactured goods entering the United States.