US lawmakers press for action on China currency

WASHINGTON, March 15 (Reuters) - A bipartisan group of 130 U.S. lawmakers on Monday urged top Obama administration officials to take immediate action to address China's "currency manipulation."

"The impact of China's currency manipulation on the U.S. economy cannot be overstated. Maintaining its currency at a devalued exchange rate provides a subsidy to Chinese companies and unfairly disadvantages foreign competitors," the lawmakers said in a letter to U.S. Secretary Timothy Geithner and Commerce Secretary Gary Locke.

(Reporting by Doug Palmer; Editing by Chizu Nomiyama)