China Exchange Rate Transparency Act of 2023

HR 839, the China Exchange Rate Transparency Act of 2023, requires the U.S. Treasury Secretary to direct the U.S. representative at the International Monetary Fund (IMF) to advocate for greater transparency from China regarding its exchange rate policies. The bill directs advocacy for China to provide more data on its exchange rate management, comply with IMF information requests, publish significant deviations from other currencies used in IMF calculations, and consider transparency in IMF governance reviews. It directly affects China’s exchange rate practices, aiming to address U.S. Treasury findings that China lacks transparency in its foreign exchange interventions and policies. The law expires 30 days after China demonstrates substantial compliance with IMF rules on exchange rate transparency or 7 years from enactment, whichever comes first.