Two US senators are pressing Treasury Secretary Scott Bessent to rally G7 allies behind a coordinated campaign to push China into letting the yuan rise. The request taps into a long-running complaint about Beijing’s currency management, one that has survived multiple administrations without ever quite producing the result Washington wants.
What the senators want
The senators, whose identities have not been publicly disclosed, are urging Bessent to use the G7 as a multilateral pressure tool. The logic is straightforward: if major economies present a united front, China faces greater incentive to allow the renminbi to strengthen rather than keeping it artificially low to boost exports.
The bipartisan nature of the request is notable. Currency policy toward China is one of the few issues where lawmakers on both sides of the aisle have historically found common ground.
Bessent’s balancing act
