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119-s-2146119th CongressWALLET

China Exchange Rate Transparency Act of 2025

Sponsored By: Senator McCormick, David [R-PA]

In Committee

Summary

This bill would have the United States press the International Monetary Fund for greater transparency in the People's Republic of China's exchange rate arrangements. It targets indirect currency interventions, Hong Kong-linked mechanisms, and how China figures into Special Drawing Rights reporting.

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  • U.S. Treasury and the U.S. Executive Director at the IMF would be asked to advocate for more transparency on PRC exchange rate arrangements and any indirect foreign exchange intervention through Chinese banks or state-owned enterprises.
  • The IMF would be urged to note any significant divergences by the PRC from the exchange rate policies of other currency issuers used to value Special Drawing Rights (SDRs) during Article IV consultations.
  • The U.S. and IMF management would give stronger weight to the PRC's record as a responsible stakeholder when considering IMF quota and voting share decisions.
  • The bill would require annual reports to Congress, starting within one year, on U.S. actions at the IMF and observed PRC transparency and divergences.
  • The reporting and advocacy requirements would expire 30 days after a U.S. IMF Governor determines China is substantially compliant with IMF obligations or after 7 years, whichever comes first.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 0 benefits, 0 costs, 1 mixed.

U.S. push for China currency transparency

If enacted, the bill would require the Treasury Secretary to tell the U.S. Executive Director at the IMF to press China for more openness about its exchange-rate actions. The instruction would cover indirect currency intervention by Chinese banks or state-owned firms, inclusion of any significant divergences in Article IV consultations, stronger consideration of China’s behavior in IMF governance reviews, and transparency about any use of Hong Kong to affect exchange rates or SDRs. The requirement would start on enactment and could end 30 days after the earlier of two events: (1) the U.S. IMF Governor reports to Congress that China is substantially complying with IMF exchange-rate obligations and uses policies like other SDR currencies; or (2) seven years after enactment. The bill would also require annual reports to Congress starting within one year describing actions taken and any significant divergences observed.

Sponsors & CoSponsors

Sponsor

McCormick, David [R-PA]

PA • R

Cosponsors

  • Sen. Cortez Masto, Catherine [D-NV]

    NV • D

    Sponsored 6/24/2025

Roll Call Votes

No roll call votes available for this bill.

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