119th Congress · introduced in the House · Jan 14, 2025
Chinese Currency Accountability Act of 2025
Official title from Congress.gov
Latest action (Feb 11, 2025): Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
View on Congress.govPolicy area: Foreign Trade and International Finance
Congressional Research Service summary, version: Introduced in House (Jan 14, 2025)
Chinese Currency Accountability Act of 2025
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 international reserve assets created by the International Monetary Fund (IMF) to supplement member countries' official foreign exchange reserves.
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 China is in compliance with certain standards and international agreements, including 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 adheres to the rules and principles of the Paris Club and the Organisation for Economic Co-operation and Development (OECD) Arrangement on Officially Supported Export Credits.
Includes amendment, cloture, and procedural votes. Each is labeled with its exact question; only a passage question is a vote to pass the bill.
No recorded roll calls on this bill in coverage.
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Motion to reconsider laid on the table Agreed to without objection.
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
DEBATE - The House proceeded with forty minutes of debate on H.R. 386.
Considered under suspension of the rules. (consideration: CR H595-596)
Mr. Hill (AR) moved to suspend the rules and pass the bill.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
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Asia · China · Congressional oversight · Currency · International monetary system and foreign exchange
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