HR 692
China Exchange Rate Transparency Act of 2025
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Bill overview
This bill, the China Exchange Rate Transparency Act of 2023, directs the United States’ representative at the International Monetary Fund (IMF) to advocate for greater transparency regarding China’s exchange rate policies. It aims to increase IMF surveillance of China’s practices and to consider China’s performance as a responsible member of the international monetary system when determining IMF quotas and voting shares. The bill’s provisions are set to expire either when China demonstrates substantial compliance with IMF obligations or seven and a half years after the bill’s enactment, whichever comes first.
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119th CONGRESS — 1st Session
H. R. 692
IN THE HOUSE OF REPRESENTATIVES
A BILL
To require the United States Executive Director at the International Monetary Fund to advocate for increased transparency with respect to exchange rate policies of the People’s Republic of China, and for other purposes.
This Act may be cited as the China Exchange Rate Transparency Act of 2023
.
The Congress finds as follows:
firm surveillanceof the exchange rate policies of the People’s Republic of China. Pursuant to Article VIII of the Articles of Agreement of the IMF, the IMF may require the People’s Republic of China to furnish data on gold and foreign exchange holdings, including assets held by non-official agencies of the People’s Republic of China.
In its November 2022 report, entitled Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
, the Department of the Treasury concluded, China provides very limited transparency regarding key features of its exchange rate mechanism, including the policy objectives of its exchange rate management regime and its activities in the offshore RMB market.
. The Department continued: China’s lack of transparency and use of a wide array of tools complicate Treasury’s ability to assess the degree to which official actions are designed to impact the exchange rate.
.
In that report, the Department further noted that China’s failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism make it an outlier among major economies and warrants Treasury’s close monitoring.
.
The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund (in this Act referred to as the IMF
) to use the voice and vote of the United States to advocate for—
This Act shall have no force or effect on or after the date that is 30 days after the earlier of—
is in substantial compliance with obligations of the People’s Republic of China under the Articles of Agreement of the IMF regarding orderly exchange rate arrangements; and
has undertaken exchange rate policies and practices consistent with those of other issuers of currencies used in determining the value of Special Drawing Rights; and
the date that is 7 years after the date of the enactment of this Act.