IIB 
119TH CONGRESS 
1ST SESSION 
H. R. 692 
IN THE SENATE OF THE UNITED STATES 
FEBRUARY 11, 2025 
Received; read twice and referred to the Committee on Foreign Relations 
AN ACT 
To require the United States Executive Director at the Inter-
national Monetary Fund to advocate for increased trans-
parency with respect to exchange rate policies of the 
People’s Republic of China, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘China Exchange Rate 
Transparency Act of 2025’’. 
SEC. 2. FINDINGS. 
The Congress finds as follows: 
(1) Under Article IV of the Articles of Agree-
ment of the International Monetary Fund (IMF), 
the People’s Republic of China has committed to or-
derly exchange rate arrangements, the avoidance of 
exchange rate manipulation, and cooperation with 
the IMF to ensure ‘‘firm surveillance’’ of the ex-
change rate policies of the People’s Republic of 
China. Pursuant to Article VIII of the Articles of 
Agreement of the IMF, the IMF may require the 
People’s Republic of China to furnish data on gold 
and foreign exchange holdings, including assets held 
by non-official agencies of the People’s Republic of 
China. 
(2) In its November 2022 report, entitled 
‘‘Macroeconomic and Foreign Exchange Policies of 
Major Trading Partners of the United States’’, the 
Department of the Treasury concluded, ‘‘China pro-
vides very limited transparency regarding key fea-
tures of its exchange rate mechanism, including the 
policy objectives of its exchange rate management 
regime and its activities in the offshore RMB mar-
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ket.’’. The Department continued: ‘‘China’s lack of 
transparency and use of a wide array of tools com-
plicate Treasury’s ability to assess the degree to 
which official actions are designed to impact the ex-
change rate.’’. 
(3) In that report, the Department further 
noted that ‘‘China’s failure to publish foreign ex-
change intervention and broader lack of trans-
parency around key features of its exchange rate 
mechanism make it an outlier among major econo-
mies and warrants Treasury’s close monitoring.’’. 
SEC. 3. ADVOCACY FOR INCREASED EXCHANGE RATE 
TRANSPARENCY FROM CHINA. 
The Secretary of the Treasury shall instruct the 
United States Executive Director at the International 
Monetary Fund (in this Act referred to as the ‘‘IMF’’) 
to use the voice and vote of the United States to advocate 
for— 
(1) increased transparency from the People’s 
Republic of China, and enhanced multilateral and bi-
lateral surveillance by the IMF, with respect to the 
exchange rate arrangements of the People’s Republic 
of China, including any indirect foreign exchange 
market intervention through Chinese financial insti-
tutions or state-owned enterprises; 
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(2) in connection with consultations with the 
People’s Republic of China under Article IV of the 
Articles of Agreement of the IMF, the inclusion of 
any significant divergences by the People’s Republic 
of China from the exchange rate policies of other 
issuers of currencies used in determining the value 
of Special Drawing Rights; and 
(3) during governance reviews of the IMF, 
stronger consideration by IMF members and man-
agement of the performance of China as a respon-
sible stakeholder in the international monetary sys-
tem when evaluating quota and voting shares at the 
IMF. 
SEC. 4. SUNSET. 
This Act shall have no force or effect on or after the 
date that is 30 days after the earlier of— 
(1) the date that the United States Governor of 
the IMF reports to the Congress that the People’s 
Republic of China— 
(A) is in substantial compliance with obli-
gations of the People’s Republic of China under 
the Articles of Agreement of the IMF regarding 
orderly exchange rate arrangements; and 
(B) has undertaken exchange rate policies 
and practices consistent with those of other 
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issuers of currencies used in determining the 
value of Special Drawing Rights; and 
(2) the date that is 7 years after the date of the 
enactment of this Act. 
Passed the House of Representatives February 10, 
2025. 
Attest: 
KEVIN F. MCCUMBER, 
Clerk. 
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