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WASHINGTON, Sept 30 (Reuters) - A senior U.S. senator said on Thursday he would press Chinese officials to take "meaningful" steps to reform the Asian nation's currency policies when he travels to China the week of October 10.
"China's currency undervaluation hurts American ranchers and farmers, American exports and American jobs. I have long said that China must take meaningful action to address its currency practices and we must be vigilant in pushing China on this issue," Senate Finance Committee Chairman Max Baucus, a Montana Democrat, said on Thursday in a statement.
The Senate Finance Committee shares jurisdiction over trade policy with the House of Representatives Ways and Means Committee.
On Wednesday, the House passed a Ways and Means Committee bill that treats China's "undervalued" yuan currency as an export subsidy, allowing the U.S. Commerce Department to apply countervailing duties against it.
Baucus' panel held hearings this year on the concerns about China's currency but did not produce a similar bill.
The last chance for currency legislation this year is when lawmakers return after the Nov. 2 election.
As chairman of the Finance Committee, Baucus is likely to have a big say in whether the House bill or any other piece of currency legislation reaches the Senate floor.
"This trip will provide the opportunity to discuss China's currency manipulation and other key economic and trade issues with top Chinese officials to find solutions in the best interest of both of our economies," Baucus said. (Reporting by Doug Palmer; Editing by Paul Simao)