WASHINGTON, Oct 13 (Reuters) - The U.S. Senate is "poised to follow" the House of Representatives in passing legislation aimed at pressuring China to raise the value of its currency, a top U.S. senator said on Wednesday.
"China's policies have a significant impact on the United States," Senate Finance Committee Chairman Max Baucus said in the text of a speech given in Beijing.
"Economists estimate that China's currency is undervalued by 20 to 40 percent. And correcting this imbalance could create up to 500,000 new U.S. jobs. The U.S. House of Representatives recently passed legislation designed to correct this imbalance. The Senate is poised to follow suit," Baucus said.
(Reporting by Doug Palmer; Editing by Bill Trott)