Bessent Urged by US Senators to Push China on Undervalued Yuan

Bessent Urged by US Senators to Push China on Undervalued Yuan A bipartisan duo of senators has called on Treasury Secretary Scott Bessent to step up cooperation with the Group of Seven to pressure China into addressing what they called a deliberate suppression of its exchange rate for commercial advantage. “Our G7 allies share concerns about China’s currency, and the aftermath of the summit presents an opportunity to coordinate a unified response,” Elizabeth Warren, the top Democrat on the Senate Banking Committee, and Rick Scott, a Florida Republican, wrote in a letter to Bessent dated June 18. They called for an effort that “pressures China to allow market-driven appreciation and full transparency in its exchange rate practices.”