(Reuters) - China's actions in coming weeks will determine whether the Congress passes legislation to pressure Beijing to raise the value of its currency, a top U.S. lawmaker said on Thursday.
"I think we need to keep that legislation on the burner. I think whether we act on it will be affected by what China does," House of Representatives Ways and Means Committee Chairman Sander Levin told reporters.
Bowing to pressure from the United States and other trading partners, China announced Saturday that it was freeing its closely managed currency from a two-year peg to the dollar.
President Barack Obama's administration welcomed the move, but many U.S. lawmakers want China to go further and raise the value of the yuan against the dollar.
They argue the yuan is still undervalued by as much as 25 percent to 40 percent, even with the recent reform.
"We'll see if China's action in this immediate period really reflects a very significant change in policy. ... We follow the yuan every day," Levin said.