for which the information required under para-
graph (38) is reasonably available, but that 
does not include any period of time later than 
the final month in the period of investigation or 
the period of review, as applicable; 
‘‘(B) the real effective exchange rate of the 
currency is undervalued by at least 5 percent, 
on average and as calculated under paragraph 
(38), relative to the equilibrium real effective 
exchange rate for the country’s currency during 
the 18-month period; 
‘‘(C) during the 18-month period, the 
country has experienced significant and per-
sistent global current account surpluses; and 
‘‘(D) during the 18-month period, the for-
eign asset reserves held by the government of 
the country exceed— 
‘‘(i) the amount necessary to repay all 
debt obligations of the government falling 
due within the coming 12 months; 
‘‘(ii) 20 percent of the country’s 
money supply, using standard measures of 
M2; and 
‘‘(iii) the value of the country’s im-
ports during the previous 4 months.’’. 
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(d) DEFINITION OF REAL EFFECTIVE EXCHANGE 
RATE UNDERVALUATION.—Section 771 of the Tariff Act 
of 1930 (19 U.S.C. 1677), as amended by subsection (c) 
of this section, is further amended by adding at the end 
the following new paragraph: 
‘‘(38) REAL
EFFECTIVE
EXCHANGE
RATE 
UNDERVALUATION.—The calculation of real effective 
exchange rate undervaluation, for purposes of para-
graph (5)(E)(v) and paragraph (37), shall— 
‘‘(A)(i) rely upon, and where appropriate 
be the simple average of, the results yielded 
from application of the approaches described in 
the guidelines of the International Monetary 
Fund’s Consultative Group on Exchange Rate 
Issues; or 
‘‘(ii) if the guidelines of the International 
Monetary Fund’s Consultative Group on Ex-
change Rate Issues are not available, be based 
on generally accepted economic and econometric 
techniques and methodologies to measure the 
level of undervaluation; 
‘‘(B) rely upon data that are publicly avail-
able, reliable, and compiled and maintained by 
the International Monetary Fund or, if the 
International Monetary Fund cannot provide 
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the data, by other international organizations or 
by national governments; and 
‘‘(C) use inflation-adjusted, trade-weighted 
exchange rates.’’. 
SEC. 3. REPORT ON IMPLEMENTATION OF ACT. 
(a) IN GENERAL.—Not later than 9 months after the 
date of the enactment of this Act, the Comptroller General 
of the United States shall submit to Congress a report 
on the implementation of the amendments made by this 
Act. 
(b) MATTERS TO BE INCLUDED.—The report re-
quired by subsection (a) shall include a description of the 
extent to which United States industries that have been 
materially injured by reason of imports of subject mer-
chandise produced in foreign countries with fundamentally 
undervalued currencies have received relief under title VII 
of the Tariff Act of 1930 (19 U.S.C. 1671 et seq.), as 
amended by this Act. 
SEC. 4. APPLICATION TO GOODS FROM CANADA AND MEX-
ICO. 
Pursuant to article 1902 of the North American Free 
Trade Agreement and section 408 of the North American 
Free Trade Agreement Implementation Act of 1993 (19 
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U.S.C. 3438), the amendments made by section 2 of this 
Act shall apply to goods from Canada and Mexico. 
Æ 
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