US Treasury Secretary Timothy Geithner today acknowledged the growing frustrations of lawmakers from both political parties over China's weak currency, but stopped short of accusing the Chinese government of manipulating its exchange rate, according to dpa. Testifying before Congress, Geithner faced a series of angry lawmakers blaming China's policies for slowing job creation in the United States as it recovers from a deep recession. Geithner said China was hindering a stable global economy from emerging out of the rubble of the 2008 financial crisis. With US consumers spending less in future, he prodded China to grow its domestic market and offer a "level playing field" for US exporters. "The distortions caused by China's exchange rate spread far beyond China's borders and are an impediment to the global rebalancing we need," Geithner told the Senate Finance Committee, adding it was in China's own interest to allow its currency to appreciate. Democrats and Republicans accused Geithner of doing too little to pressure China to improve access to its markets and allow its renmibi to appreciate. Legislation supported by members of both parties is moving through Congress that could place trade sanctions on China if it fails to more quickly open up its domestic markets. "I don't think anyone on either side of the aisle is satisfied with the results," said Democratic Senator Chuck Schumer, a sponsor of the legislation. "We have not made progress. We take a step forward and then we take a step back." Geithner said lawmakers' attempts to punish China should serve as a warning to the Communist government to speed up efforts to open up its economy, suggesting the administration would not block the legislation if it were to pass Congress. "It is important for China to understand that Congress will act if it does not act," Geithner said.