III 

118TH CONGRESS 

1ST SESSION S. RES. 460 

Supporting the United States dollar as the reserve currency of the world 

and combating the economic influence of the People’s Republic of China. 

IN THE SENATE OF THE UNITED STATES 

NOVEMBER 13, 2023 

Mr. BUDD (for himself, Mrs. SHAHEEN, Mr. RUBIO, Ms. KLOBUCHAR, Mr. 

MANCHIN, and Mr. VAN HOLLEN) submitted the following resolution; 

which was referred to the Committee on Foreign Relations 

RESOLUTION 

Supporting the United States dollar as the reserve currency 

of the world and combating the economic influence of 

the People’s Republic of China. 

Whereas the United States dollar serves an indispensable role 

in global commerce and finance; 

Whereas the United States dollar represents— 

(1) a stable, rule of law-based legal system; 

(2) democratic, representative government institutions; 

(3) highly liquid and reliable capital markets; 

(4) a robust and dynamic capitalist domestic economy; 

(5) deep and extensive global trading relationships; 

and 


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•SRES 460 IS 

(6) a significant commitment to market-based, freefloating exchange rates and independent monetary policy; 

Whereas the International Monetary Fund reports the United 

States dollar accounted for approximately 71 percent of 

global currency reserves in 1999 and has since declined 

to 58.88 percent in 2023; 

Whereas the People’s renminbi, the official currency of the 

People’s Republic of China (commonly referred to as the 

‘‘yuan’’), accounted for 2.45 percent of global currency 

reserves in the second quarter of 2023; 

Whereas the People’s Republic of China appears to have built 

substantial ‘‘shadow reserves’’ that are under the control 

of the People’s Bank of China, the central bank of the 

People’s Republic of China, but are obscured from international data; 

Whereas, in the fall of 2023, the People’s Republic of China 

reportedly intervened in international currency markets 

to support the renminbi; 

Whereas the Chinese Communist Party has disregarded the 

Paris Club and the Organisation for Economic Co-operation and Development and saddled developing countries 

with opaque and unsustainable debt, including through 

the Belt and Road Initiative; 

Whereas the Chinese Communist Party’s refusal to disclose 

its lending to foreign countries and reluctance to engage 

in significant debt restructuring is undermining the missions of the International Monetary Fund and the World 

Bank related to global economic development and stability; 


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•SRES 460 IS 

Whereas the Chinese Communist Party is now the largest official creditor and provider of export subsidies in the 

world; 

Whereas the Belt and Road Initiative has led to an increased 

reliance on capital from the People’s Republic of China 

in developing countries; 

Whereas, since 2013, the Chinese Communist Party has invested more than $1,000,000,000,000 in projects under 

the Belt and Road Initiative around the world; 

Whereas the People’s Republic of China has been taking aggressive steps towards developing its central bank digital 

currency, the digital yuan; 

Whereas the People’s Republic of China has worked to expand the use cases of the digital yuan for the Belt and 

Road Initiative and to settle cross-border transactions; 

Whereas Brazil and Argentina, the two largest economies in 

South America, have taken steps to facilitate their trade 

with the People’s Republic of China using the yuan instead of the United States dollar; 

Whereas the People’s Republic of China has sought to influence the global economy by expanding the BRICS group, 

made up of Brazil, Russia, India, China, and South Africa, and in August 2023, the BRICS group announced it 

was inviting Argentina, Egypt, Ethiopia, Iran, Saudi 

Arabia, and the United Arab Emirates to join the group, 

and several members of the BRICS group have supported 

using the group to support a competitor currency to the 

United States dollar; and 

Whereas the efforts of the Chinese Communist Party to develop a parallel financial system to rival United Statesled institutions poses a threat to the economy and naVerDate Sep 11 2014 23:31 Nov 13, 2023 Jkt 049200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6300 E:\BILLS\SR460.IS SR460

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•SRES 460 IS 

tional security of the United States: Now, therefore, be 

it 

1 Resolved, That it is the sense of the Senate that— 

2 (1) the United States must take steps to pro3 tect the United States dollar as the reserve currency 

4 of the world and maintain its position as a key play5 er in the global financial system; 

6 (2) the efforts of the Government of the Peo7 ple’s Republic of China to undermine the status of 

8 the United States dollar as the reserve currency of 

9 the world must be closely monitored, and appro10 priate measures must be taken to counter those ef11 forts; 

12 (3) the United States must work to strengthen 

13 its economic ties with critical regions of the world to 

14 provide an alternative to Chinese capital; and 

15 (4) the United States must continue to work 

16 with its allies to promote economic policies that en17 sure growth and stability across developing coun18 tries. 

Æ 


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