Lawmakers in the US have said they want immediate action on the Chinese currency, which they say is being kept artificially low.

Five senators have been pushing legislation that would require the Obama administration to impose penalties if China refuses to float its currency.

They have said the Chinese no longer recognise a level playing field and are holding back the US manufacturing industry from export markets.

The senators, from the most liberal to most conservative areas of government, have complained
that there is no mechanism to provide for countervailing duties and tariffs on the low yuan.

Proposed legislation would require the Treasury Department to act when it finds an undervalued currency from any country.

Under legislation, the Commerce Department would also be authorised to impose anti-dumping tariffs if a misaligned currency is deemed to be a subsidy.