China needs to take further “significant steps” to raise the value of its currency, Senate Finance Committee Chairman Max Baucus said on Thursday in reaction to the Obama administration’s decision not to label China a currency manipulator. Baucus, however, stopped short of threatening to move legislation on the issue.
“A few weeks ago, China took a small step in this direction, but small steps are not enough. China must take significant steps to appreciate its currency and I expect those steps to happen soon. I urge the administration to be vigilant in pushing China on this issue,” Baucus said.