Chinese Currency Accountability Act of 2023

Subjects: Foreign Trade and International Finance, Asia, China, Congressional oversight, Currency, International monetary system and foreign exchange

Summary:  <p><b>Chinese Currency Accountability Act of 2023</b></p> <p>This bill requires the United States to oppose, absent specified conditions, any increase in the weight of Chinese currency (i.e., the renminbi) in the basket of currencies used to determine the value of Special Drawing Rights. Special Drawing Rights are a currency support tool available to members of the International Monetary Fund (IMF).</p> <p>Specifically, the Department of the Treasury must instruct certain U.S. officials at the IMF to oppose any such increase unless Treasury has certified that (1) China is in compliance with all general obligations of members of the IMF, (2) China has not been found to have manipulated its currency in the preceding 12 months, and (3) China is implementing policies and practices necessary to ensure that the renminbi is freely usable.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 510 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 510

    To require the United States Governor of, and the United States 
  Executive Director at, the International Monetary Fund to oppose an 
 increase in the weight of the Chinese renminbi in the Special Drawing 
           Rights basket of the Fund, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 25, 2023

 Mr. Davidson introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
    To require the United States Governor of, and the United States 
  Executive Director at, the International Monetary Fund to oppose an 
 increase in the weight of the Chinese renminbi in the Special Drawing 
           Rights basket of the Fund, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Chinese Currency Accountability Act 
of 2023''.

SEC. 2. OPPOSITION OF THE UNITED STATES TO AN INCREASE IN THE WEIGHT OF 
              THE CHINESE RENMINBI IN THE SPECIAL DRAWING RIGHTS BASKET 
              OF THE INTERNATIONAL MONETARY FUND.

    The Secretary of the Treasury shall instruct the United States 
Governor of, and the United States Executive Director at, the 
International Monetary Fund to use the voice and vote of the United 
States to oppose any increase in the weight of the Chinese renminbi in 
the basket of currencies used to determine the value of Special Drawing 
Rights, unless the Secretary of the Treasury has submitted to the 
Committee on Financial Services of the House of Representatives and the 
Committee on Banking, Housing, and Urban Affairs of the Senate a 
written report which includes a certification that--
            (1) the People's Republic of China is in compliance with 
        all its obligations under Article VIII of the Articles of 
        Agreement of the Fund;
            (2) in the preceding 12 months, there has not been a report 
        submitted under section 3005 of the Omnibus Trade and 
        Competitiveness Act of 1988 or section 701 of the Trade 
        Facilitation and Trade Enforcement Act of 2015 in which the 
        People's Republic of China has been found to have manipulated 
        its currency;
            (3) the People's Republic of China has instituted and is 
        implementing the policies and practices necessary to ensure 
        that the renminbi is freely usable (within the meaning of 
        Article XXX(f) of the Articles of Agreement of the Fund); and
            (4) the People's Republic of China adheres to the rules and 
        principles of the Paris Club and the OECD Arrangement on 
        Officially Supported Export Credits.

SEC. 3. SUNSET.

    Section 2 shall have no force or effect beginning 10 years after 
the date of the enactment of this Act.
                                 &lt;all&gt;
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