119-s2146

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 2146 Reported in Senate

    (RS) ]

<DOC>

 Calendar No. 236
119th CONGRESS
 1st Session
 S. 2146

 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.

_______________________________________________________________________

 IN THE SENATE OF THE UNITED STATES

 June 24, 2025

 Mr. McCormick (for himself and Ms. Cortez Masto) introduced the 
 following bill; which was read twice and referred to the Committee on 
 Foreign Relations

 October 30, 2025

 Reported by Mr. Risch, with an amendment
 [Strike out all after the enacting clause and insert the part printed 
 in italic]

_______________________________________________________________________

 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.

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

<DELETED>

SECTION 1. SHORT TITLE.</DELETED>

<DELETED> This Act may be cited as the ``China Exchange Rate 
Transparency Act of 2025''.</DELETED>

<DELETED>

SEC. 2. FINDINGS.</DELETED>

<DELETED> Congress makes the following findings:</DELETED>
 <DELETED>

    (1) Under Article IV of the Articles of Agreement 
 of the International Monetary Fund, the People's Republic of 
 China has committed to orderly exchange rate arrangements, the 
 avoidance of exchange rate manipulation, and cooperation with 
 the Fund to ensure ``firm surveillance'' of the exchange rate 
 policies of the People's Republic of China. Pursuant to Article 
 VIII of the Articles of Agreement of the Fund, the Fund 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.</DELETED>
 <DELETED>

    (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 provides very limited transparency regarding 
 key features of its exchange rate mechanism, including the 
 policy objectives of its exchange rate management regime and 
 its activities in the offshore [renminbi] market.''. The 
 Department 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.''.</DELETED>
 <DELETED>

    (3) In that report, the Department further noted, 
 ``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.''.</DELETED>

<DELETED>

SEC. 3. ADVOCACY FOR INCREASED EXCHANGE RATE TRANSPARENCY FROM 
 THE PEOPLE'S REPUBLIC OF CHINA.</DELETED>

<DELETED>

    (a) In General.--The Secretary of the Treasury shall 
instruct the United States Executive Director at the International 
Monetary Fund to use the voice and vote of the United States to 
advocate for--</DELETED>
 <DELETED>

    (1) increased transparency from the People's 
 Republic of China, and enhanced multilateral and bilateral 
 surveillance by the Fund, with respect to the exchange rate 
 arrangements of the People's Republic of China, including any 
 indirect foreign exchange market intervention through Chinese 
 financial institutions or state-owned enterprises;</DELETED>
 <DELETED>

    (2) in connection with consultations with the 
 People's Republic of China under Article IV of the Articles of 
 Agreement of the Fund, 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</DELETED>
 <DELETED>

    (3) during governance reviews of the Fund, 
 stronger consideration by members and management of the Fund of 
 the performance of the People's Republic of China as a 
 responsible stakeholder in the international monetary system 
 when evaluating quota and voting shares at the Fund.</DELETED>
<DELETED>

    (b) Sunset.--The requirement under subsection

    (a) shall 
terminate on the date that is 30 days after the earlier of--</DELETED>
 <DELETED>

    (1) the date on which the United States Governor 
 of the International Monetary Fund reports to Congress that the 
 People's Republic of China--</DELETED>
 <DELETED>
        (A) is in substantial compliance with 
 obligations of the People's Republic of China under the 
 Articles of Agreement of the Fund regarding orderly 
 exchange rate arrangements; and</DELETED>
 <DELETED>
        (B) has undertaken exchange rate policies 
 and practices consistent with those of other issuers of 
 currencies used in determining the value of Special 
 Drawing Rights; or</DELETED>
 <DELETED>

    (2) the date that is 7 years after the date of the 
 enactment of this Act.</DELETED>

SECTION 1. SHORT TITLE.

 This Act may be cited as the ``China Exchange Rate Transparency Act 
of 2025''.

SEC. 2. FINDINGS.

 Congress makes the following findings:

    (1) Under Article IV of the Articles of Agreement of the 
 International Monetary Fund, the People's Republic of China has 
 committed to orderly exchange rate arrangements, the avoidance 
 of exchange rate manipulation, and cooperation with the Fund to 
 ensure ``firm surveillance'' of the exchange rate policies of 
 the People's Republic of China. Pursuant to Article VIII of the 
 Articles of Agreement of the Fund, the Fund 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 provides very limited transparency regarding key 
 features of its exchange rate mechanism, including the policy 
 objectives of its exchange rate management regime and its 
 activities in the offshore [renminbi] market.''. The Department 
 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, ``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 THE 
 PEOPLE'S REPUBLIC OF CHINA.

    (a) In General.--The Secretary of the Treasury shall instruct the 
United States Executive Director at the International Monetary Fund 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 bilateral surveillance by 
 the Fund, with respect to the exchange rate arrangements of the 
 People's Republic of China, including any indirect foreign 
 exchange market intervention through Chinese financial 
 institutions or state-owned enterprises;

    (2) in connection with consultations with the People's 
 Republic of China under Article IV of the Articles of Agreement 
 of the Fund, 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;

    (3) during governance reviews of the Fund, stronger 
 consideration by members and management of the Fund of the 
 performance of the People's Republic of China as a responsible 
 stakeholder in the international monetary system when 
 evaluating quota and voting shares at the Fund; and

    (4) increased transparency regarding the mechanisms through 
 which the People's Republic of China utilizes Hong Kong's 
 financial system to influence exchange rate arrangements and 
 the value or use of Special Drawing Rights.

    (b) Annual Reports on Implementation.--Not later than one year 
after the date of the enactment of this Act, and annually thereafter 
until the termination date described in subsection
            (c) , the Secretary 
of the Treasury shall submit to Congress a report that--

    (1) describes the specific actions taken by the United 
 States Executive Director at the International Monetary Fund in 
 the year preceding submission of the report to carry out 
 subsection

    (a) ; and

    (2) describes in detail the extent of the compliance of the 
 People's Republic of China regarding transparency and any 
 significant divergences noted in consultations under Article IV 
 of the Articles of Agreement of the Fund.
            (c) Sunset.--The requirement under subsection

    (a) shall terminate 
on the date that is 30 days after the earlier of--

    (1) the date on which the United States Governor of the 
 International Monetary Fund reports to Congress that the 
 People's Republic of China--
        (A) is in substantial compliance with obligations 
 of the People's Republic of China under the Articles of 
 Agreement of the Fund regarding orderly exchange rate 
 arrangements; and
        (B) has undertaken exchange rate policies and 
 practices consistent with those of other issuers of 
 currencies used in determining the value of Special 
 Drawing Rights; or

    (2) the date that is 7 years after the date of the 
 enactment of this Act.
 Calendar No. 236

119th CONGRESS

 1st Session

 S. 2146

_______________________________________________________________________

 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.

_______________________________________________________________________

 October 30, 2025

 Reported with an amendment