WASHINGTON -- Federal Reserve Chairman Ben Bernanke said Thursday he was frustrated by China's slow progress in allowing its yuan currency to rise, but added it will take more than just an exchange rate change to solve the trade imbalance.

"I share your frustration about the slow pace" of China's currency revaluation, Bernanke said in response to a question from the Senate Banking Committee following his twice-yearly Congressional testimony.

Bernanke said it was important to engage China "on a wide range of issues" instead of focusing solely on the currency , noting that China also needed to adjust its economy to focus more on domestic consumption.

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