China warns U.S. against trade protectionism

NBC News — China's Foreign Ministry wednesday urged U.S. lawmakers not to resort to, quote "excuses" for trade protectionism. The comments come as Senate Democratic Leader Harry Reid pushes for legislation aimed at forcing China to loosen controls on its currency.

Many U.S. lawmakers and economists say China deliberately undervalues its currency, the yuan, against the dollar to give its companies an unfair price advantage in international markets. China has repeatedly rejected the criticism.