US senators register concern on renminbi policy

US senators have urged the Obama administration to look into concerns that China is keeping the valuation of the renminbi at artificially low levels, the Wall Street Journal reported. Fifteen senators, comprising six Republicans and nine Democrats highlighted "serious concerns" about the US Commerce Department’s failure to label China’s currency manipulation a "countervailable subsidy" for its export industries. US Federal Reserve Board Chairman Ben Bernanke also called this week for China to have a more flexible currency policy. The senators’ letter is the latest development in ongoing political and trade tensions between the US and China; earlier this week, the US imposed countervailing duties on imports of a kind of Chinese-made steel pipe.