Stabenow’s comments came in the wake of an announcement that the Chinese yuan will be allowed to rise about 2 percent against the dollar. Stabenow and other critics of China’s fiscal practice have pointed out that China’s exports are artificially 15 to 40 percent cheaper, simply because China has kept the value of its currency low.

“I welcome today’s revaluation as a good first step, but it’s just that – only the first step in adjusting a currency that has been artificially and illegally manipulated to give China a trade advantage,” Stabenow said. “Clearly, China is responding to the pressure that I and my Senate colleagues have been bringing to bear to rectify this trade situation.

“I have been fighting to toughen our nation’s stance on Chinese trade practices. Today’s action by China confirms that tough pressure by Congress can bear fruit – and may be the only way to deal with China on these issues.” Stabenow noted that once China begins revaluing, others will follow. On the heels of China’s decision, Malaysia will adjust the value of its currency, the ringgit.

While a 2 percent change is a positive step, Stabenow said she had hoped China’s initial revaluation would be at least 10 percent, and she and other members of the Senate are still prepared to move forward legislatively if China does not continue to revalue its currency.

A member of the Senate Banking and Budget committees, Stabenow has authored a bill to create the post of Special Trade Prosecutor to crack down on countries like China for violating laws that cost the U.S. manufacturing jobs. Stabenow is also a co-sponsor of two bills focusing on these trade problems. One bill spells out more precisely what actions by foreign governments constitute currency manipulation, and the second authorizes U.S. trade action – including a 27 percent trade tariff – in response to continued currency manipulation by China.

“As I have repeatedly stated, this currency manipulation has given a distinct advantage to Chinese companies that export into the U.S. and it has diminished our ability to export to the Chinese market – China has effectively been giving its exporters an illegal subsidy.”

In addition to China, Stabenow said she and Senate colleagues would also continue to press Japan to stop unfair manipulation of its currency.