IB 

Union Calendar No. 235 

118TH CONGRESS 

1ST SESSION H. R. 839 

[Report No. 118–291] 

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. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 6, 2023 

Mr. MEUSER (for himself, Mr. DONALDS, and Mr. LOUDERMILK) introduced 

the following bill; which was referred to the Committee on Financial Services 

DECEMBER 1, 2023 

Additional sponsors: Mr. NICKEL, Mr. LAWLER, Ms. LEE of Nevada, and Ms. 

DE LA CRUZ

DECEMBER 1, 2023 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on February 6, 2023] 


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•HR 839 RH

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. 


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•HR 839 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘China Exchange Rate 

5 Transparency Act of 2023’’. 

6 SEC. 2. FINDINGS. 

7 The Congress finds as follows: 

8 (1) Under Article IV of the Articles of Agreement 

9 of the International Monetary Fund (IMF), the Peo10 ple’s Republic of China has committed to orderly ex11 change rate arrangements, the avoidance of exchange 

12 rate manipulation, and cooperation with the IMF to 

13 ensure ‘‘firm surveillance’’ of the exchange rate poli14 cies of the People’s Republic of China. Pursuant to 

15 Article VIII of the Articles of Agreement of the IMF, 

16 the IMF may require the People’s Republic of China 

17 to furnish data on gold and foreign exchange hold18 ings, including assets held by non-official agencies of 

19 the People’s Republic of China. 

20 (2) In its November 2022 report, entitled ‘‘Mac21 roeconomic and Foreign Exchange Policies of Major 

22 Trading Partners of the United States’’, the Depart23 ment of the Treasury concluded, ‘‘China provides very 

24 limited transparency regarding key features of its ex25 change rate mechanism, including the policy objecVerDate Sep 11 2014 23:10 Dec 01, 2023 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6203 E:\BILLS\H839.RH H839

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•HR 839 RH

1 tives of its exchange rate management regime and its 

2 activities in the offshore RMB market.’’. The Depart3 ment continued: ‘‘China’s lack of transparency and 

4 use of a wide array of tools complicate Treasury’s 

5 ability to assess the degree to which official actions 

6 are designed to impact the exchange rate.’’. 

7 (3) In that report, the Department further noted 

8 that ‘‘China’s failure to publish foreign exchange 

9 intervention and broader lack of transparency around 

10 key features of its exchange rate mechanism make it 

11 an outlier among major economies and warrants 

12 Treasury’s close monitoring.’’. 

13 SEC. 3. ADVOCACY FOR INCREASED EXCHANGE RATE 

14 TRANSPARENCY FROM CHINA. 

15 The Secretary of the Treasury shall instruct the United 

16 States Executive Director at the International Monetary 

17 Fund (in this Act referred to as the ‘‘IMF’’) to use the voice 

18 and vote of the United States to advocate for— 

19 (1) increased transparency from the People’s Re20 public of China, and enhanced multilateral and bilat21 eral surveillance by the IMF, with respect to the ex22 change rate arrangements of the People’s Republic of 

23 China, including any indirect foreign exchange mar24 ket intervention through Chinese financial institu25 tions or state-owned enterprises; 


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•HR 839 RH

1 (2) in connection with consultations with the 

2 People’s Republic of China under Article IV of the Ar3 ticles of Agreement of the IMF, the inclusion of any 

4 significant divergences by the People’s Republic of 

5 China from the exchange rate policies of other issuers 

6 of currencies used in determining the value of Special 

7 Drawing Rights; and 

8 (3) during governance reviews of the IMF, 

9 stronger consideration by IMF members and manage10 ment of the performance of China as a responsible 

11 stakeholder in the international monetary system 

12 when evaluating quota and voting shares at the IMF. 

13 SEC. 4. SUNSET. 

14 This Act shall have no force or effect on or after the 

15 date that is 30 days after the earlier of— 

16 (1) the date that the United States Governor of 

17 the IMF reports to the Congress that the People’s Re18 public of China— 

19 (A) is in substantial compliance with obli20 gations of the People’s Republic of China under 

21 the Articles of Agreement of the IMF regarding 

22 orderly exchange rate arrangements; and 

23 (B) has undertaken exchange rate policies 

24 and practices consistent with those of other 


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•HR 839 RH

1 issuers of currencies used in determining the 

2 value of Special Drawing Rights; and 

3 (2) the date that is 7 years after the date of the 

4 enactment of this Act. 


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Union Calendar No. 235 

118TH CONGRESS 

1ST SESSION H. R. 839 

[Report No. 118–291] 

A BILL 

To require the United States Executive Director at 

and for other purposes. rate policies of the People’s Republic of China, increased transparency with respect to exchange the International Monetary Fund to advocate for 

DECEMBER 1, 2023 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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