UPDATE 2-China's yuan has already risen quite a bit--envoy

(Adds comments on U.S. election year politics)

WASHINGTON, May 14 (Reuters) - The United States should recognize how much China's currency has already risen against the U.S. dollar and reduce pressure for the yuan to rise even more, China's ambassador to the United States said on Wednesday.

"The renminbi has appreciated quite a bit ... it's already 19 percent, almost 19 percent (higher) as compared to back in July 2005," Chinese ambassador Zhou Wenzhong said in remarks at the U.S. Chamber of Commerce.

"There is only so much of this we can take, so you need to give us some time," Zhou said with a slight laugh.

Zhou also criticized "protectionistic" proposals in the U.S. Congress, which he said he would "seriously undermine the interests of both countries" if they became law.

U.S. presidential candidates Barack Obama and Hillary Clinton, both Democrats, have called for stronger U.S. action to deal with a number of China trade concerns, including currency.

"Many friends advise don't take this rhetoric too seriously, but of course we hope, we wish this rhetoric would not be made. But of course, what's more important is the policy, so we'll see," Zhou said.

U.S. manufacturers complain that China's yuan, also called the renminbi, is so undervalued that it gives Chinese exporters an unfair advantage.

Alan Holmer, the U.S. Treasury Department's special envoy to China, told the business group earlier on Wednesday that the United States welcomed a significant, and more rapid, rise in the value of the yuan since October.