Congressional leaders debating the wisdom of direct legislation against China over its currency interventions are trying to maximise the impact of action without breaking international laws or -causing collateral damage elsewhere.

The odds are still against any laws actually being pushed through before November’s congressional midterm elections to Congress. But with Tim Geithner, the US Treasury secretary, promising last week that President Barack Obama’s administration would look closely at the options for legislation, those odds have at least shortened.

Following last week’s high-profile hearings on Capitol Hill, Sander Levin, chairman of the House of Representatives ways and means committee, said he would take a decision early this week on the best way to move forward.