S 1919 United States Senate · 118th Congress

Chinese Currency Accountability Act of 2023

This bill directs the U.S. Treasury to instruct American representatives at the International Monetary Fund (IMF) to oppose any increase in the Chinese renminbi's weight within the IMF's currency basket (used to value Special Drawing Rights), unless China meets four specific conditions. These conditions require China to comply with IMF rules, not have recently manipulated its currency (per U.S. trade laws), implement policies for the renminbi to be "freely usable," and adhere to international debt and export credit standards. The U.S. position on this issue would remain in effect for 10 years from enactment. The bill directly affects U.S. voting at the IMF and China's potential inclusion in the IMF's currency basket.
Bill status in committee 1 of 4 stages cleared
Introduction
Jun 2023
Committee Review
Floor Vote
President
Introduced Jun 8, 2023 Last action Jun 8, 2023
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2
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Committee
1
Jun 8, 2023
Committee
Read twice and referred to the Committee on Foreign Relations.
upper
Jun 8, 2023
Introduced
Introduced in Senate
upper
1 primary · 6 co-sponsors

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