Dow Jones: US Sen Portman Urges Action Against China Currency Manipulation

U.S. Sen. Rob Portman (R., Ohio) Thursday called for action against China's currency policy, though stopped short of supporting retaliatory legislation.

"I think China is manipulating their currency," Portman said during a speech at the Center for Strategic and International Studies.

"I think we ought to deal with that issue honestly and openly," said Portman, who was U.S. Trade Representative under President George W. Bush.

A bipartisan group of senators and House members recently re-introduced a bill that would impose duties in retaliation for undervalued currencies.

Portman told reporters after the event that he is looking at the bill, but would do what is "most effective" in getting China to allow for greater appreciation.

While China has allowed the yuan to gradually strengthen, "it's too little," he said.