On Monday, the US Senate voted 79-19 to advance a bill that would pressure the Chinese government to stop undervaluing its currency. The legislation is a result of claims that by undervaluing its currency, China gives itself an unfair trade advantage, which in turn negatively affects job growth in the US.
While passage in the Democrat-controlled Senate is a major step forward, there is no indication yet that the GOP-run House of Representatives will pass the bill as well.