Senate steps up pressure on China to stop undervaluing currency

The Senate on Monday took up the China currency bill, which puts pressure on China to stop deliberately undervaluing its currency, the yuan.

The bill, which has bipartisan support, would use import tariffs to penalize China for keeping the value of their currency artificially low.

Sponsors of the bill say currency manipulation keeps Chinese goods artificially cheap and causes U.S. goods to be more expensive in China.

Democrats have been referring to the currency manipulation bill as a jobs bill, saying U.S. businesses would benefit by making it easier for American based firms to sell their goods overseas and compete in a global market.

A procedural vote is scheduled this evening at 5:45 pm and is expected to get the 60 votes needed to advance in the Senate. The Senate will debate the China currency measure for most if not all of this week.

House Republican Leader Cantor would not say what the House plans to do with the legislation.

The White House said they are "reviewing the bill."