Chinese Currency Accountability Act of 2023
- Last Action
- 6/8/2023
Actions
- 2023-06-08Read twice and referred to the Committee on Foreign Relations.
- 2023-06-08Introduced in Senate
CRS Summary
As of 2023-06-08 (00)
Chinese Currency Accountability Act of 2023
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 (1) China is in compliance with all general obligations of members of the IMF, (2) China has not been found to have manipulated its currency in the preceding 12 months, and (3) China is implementing policies and practices necessary to ensure that the renminbi is freely usable.
Cosponsors (6)
- Joseph Manchin (D-WV)
- Katie Britt (R-AL)
- Mike Braun (R-IN)
- John Barrasso (R-WY)
- Joni Ernst (R-IA)
- Cindy Hyde-Smith (R-MS)
Subjects
- Asia
- China
- Congressional oversight
- Currency
- International monetary system and foreign exchange
Sourced from Congress.gov (public domain).
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