Chinese Currency Accountability Act of 2025
Officially: “Chinese Currency Accountability Act of 2025” Read the full text
What it does
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1Short title
This section would give the Act the short title "Chinese Currency Accountability Act of 2025."
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1. Short title This Act may be cited as the Chinese Currency Accountability Act of 2025 .
2Opposition of the United States to an increase in the weight of the Chinese renminbi in the Special Drawing Rights basket of the International Monetary Fund
This section would require the Secretary of the Treasury to instruct the United States Governor of the International Monetary Fund and the United States Executive Director at the Fund to use the United States' voice and vote to oppose any increase in the weight of the Chinese renminbi in the basket of currencies used to set the value of Special Drawing Rights. This instruction would not apply if the Secretary of the Treasury has submitted a written report to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs certifying all three of the following: (1) that the People's Republic of China is in compliance with all of its obligations under Article VIII of the Articles of Agreement of the Fund; (2) that in the preceding 12 months, no report submitted under section 3005 of the Omnibus Trade and Competitiveness Act of 1988 or section 701 of the Trade Facilitation and Trade Enforcement Act of 2015 has found that the People's Republic of China manipulated its currency; and (3) that the People's Republic of China adheres to the rules and principles of the Paris Club and the OECD Arrangement on Officially Supported Export Credits.
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2. Opposition of the United States to an increase in the weight of the Chinese renminbi in the Special Drawing Rights basket of the International Monetary Fund The Secretary of the Treasury shall instruct the United States Governor of, and the United States Executive Director at, the International Monetary Fund to use the voice and vote of the United States to oppose any increase in the weight of the Chinese renminbi in the basket of currencies used to determine the value of Special Drawing Rights, unless the Secretary of the Treasury has submitted to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a written report which includes a certification that— (1) the People’s Republic of China is in compliance with all its obligations under Article VIII of the Articles of Agreement of the Fund; (2) in the preceding 12 months, there has not been a report submitted under section 3005 of the Omnibus Trade and Competitiveness Act of 1988 or section 701 of the Trade Facilitation and Trade Enforcement Act of 2015 in which the People’s Republic of China has been found to have manipulated its currency; and (3) the People’s Republic of China adheres to the rules and principles of the Paris Club and the OECD Arrangement on Officially Supported Export Credits.
3Sunset
This section would end the effect of section 2 starting 10 years after the date this Act becomes law, so the requirement to oppose an increase in the renminbi's weight in the Special Drawing Rights basket would no longer apply after that date.
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3. Sunset Section 2 shall have no force or effect beginning 10 years after the date of the enactment of this Act.
Where it is
In the House.