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 Mone-
tary Fund to advocate for increased transparency with respect to ex-
change 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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A BILL 
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. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘China Exchange Rate 
Transparency Act of 2023’’. 
SEC. 2. FINDINGS. 
The Congress finds as follows: 
(1) Under Article IV of the Articles of Agreement 
of the International Monetary Fund (IMF), the Peo-
ple’s Republic of China has committed to orderly ex-
change rate arrangements, the avoidance of exchange 
rate manipulation, and cooperation with the IMF to 
ensure ‘‘firm surveillance’’ of the exchange rate poli-
cies 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 hold-
ings, including assets held by non-official agencies of 
the People’s Republic of China. 
(2) In its November 2022 report, entitled ‘‘Mac-
roeconomic and Foreign Exchange Policies of Major 
Trading Partners of the United States’’, the Depart-
ment of the Treasury concluded, ‘‘China provides very 
limited transparency regarding key features of its ex-
change rate mechanism, including the policy objec-
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tives of its exchange rate management regime and its 
activities in the offshore RMB market.’’. The Depart-
ment continued: ‘‘China’s lack of transparency and 
use of a wide array of tools complicate Treasury’s 
ability to assess the degree to which official actions 
are designed to impact the exchange rate.’’. 
(3) In that report, the Department further noted 
that ‘‘China’s failure to publish foreign exchange 
intervention and broader lack of transparency around 
key features of its exchange rate mechanism make it 
an outlier among major economies 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 Re-
public of China, and enhanced multilateral and bilat-
eral surveillance by the IMF, with respect to the ex-
change rate arrangements of the People’s Republic of 
China, including any indirect foreign exchange mar-
ket intervention through Chinese financial institu-
tions 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 Ar-
ticles 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 manage-
ment of the performance of China as a responsible 
stakeholder in the international monetary system 
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 Re-
public 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. 
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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 
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. 
DECEMBER 1, 2023 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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