Republican presidential candidate Mitt Romney has promised to label China a currency manipulator on the very first day of his presidency.
"When China manipulates their currency by holding down the value of their currency compared to ours, what it does is it makes their products in this country artificially cheap," Romney said in his election speech in Virginia.
"That then drives American manufacturers and American producers out of business and kills jobs. The President's had the chance year after year to label China a currency manipulator, but he hasn't done so.
"And I will label China the currency manipulator they are on the first day," he promised.
Romney said that his administration will open up new markets for American goods and expand its reach into other parts of the world where other nations are now competing.
"I want to make sure our goods can go throughout the world. But I also want to make sure that if a nation cheats like China has cheated; we call them on the carpet and don't let it continue.
"And the cheating takes on a lot of different dimensions. I mean, cheating occurs if you hold down your currency," he said.
The White House, however, denied Romney's allegations.
"I think that this President's record when it comes to making sure that American businesses and American workers are competing on a level playing field, specifically with regards to China, is one we're proud of," White House Press Secretary Jay Carney said.
"This President, this administration has taken significantly more actions at the World Trade Organisation. And, thus far, every action that we've taken has proved successful -- this President's commitment to both free and fair trade," he said.
"His focus is on ensuring that our businesses and workers are able to compete on a level playing field, because if they do, if they are, he is very confident that we -- the American people and American businesses -- will compete and win in the global economy," Carney said.
