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Chinese Currency Accountability Act of 2023

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Summary

Official CRS summary

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 (currently, a set of five currencies, each with different weightings) 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). 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 China is in compliance with certain standards and international agreements, including that (1) China is in compliance with all general obligations of members of the IMF, and (2) China has not been found to have manipulated its currency in the preceding 12 months.

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Bill details

Congress
118
Bill type
hr
Introduced
January 25, 2023
Sponsor
Not yet available
Last action
September 10, 2024— Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

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