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.
About This Bill
Committee
Latest Action · May 23, 2024
Read twice and referred to the Committee on Foreign Relations.
This bill requires the U.S. Treasury Secretary to instruct America's representative at the International Monetary Fund to push China for greater transparency in how it manages its currency exchange rate, particularly regarding foreign exchange interventions and balance of payments data that the Treasury says China currently keeps secret. The legislation directs the Treasury to determine within 90 days whether China qualifies as a currency manipulator under existing law, and requires the U.S. to advocate during IMF governance reviews for stricter evaluation of China's role in the international monetary system. The bill affects U.S. trade and economic policy by seeking to address what Treasury officials have identified as China's lack of transparency in exchange rate practices compared to other major economies. The act automatically expires either seven years after enactment or 30 days after China achieves substantial compliance with IMF obligations on exchange rate policies, whichever comes first.
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