IB Union Calendar No. 238 118 THCONGRESS 1STSESSION H. R. 510 [Report No. 118–294]

This bill, known as the Chinese Currency Accountability Act of 2023, requires the U.S. Governor of the International Monetary Fund (IMF) and the U.S. Executive Director at the IMF to oppose any increase in the weight of the Chinese renminbi (currency) in the Special Drawing Rights (SDR) basket of the IMF. The SDR basket is a collection of currencies used by the IMF to determine the value of SDRs, which are international reserve assets. In other words, this bill aims to prevent the Chinese renminbi from having too much influence in determining the value of SDRs.

The bill also specifies that the Secretary of the Treasury must instruct the U.S. representatives to the IMF to vote against any increase in the weight of the Chinese renminbi, unless certain conditions are met. These conditions include certification that China is complying with its obligations under the IMF's Articles of Agreement, that China has not been found to have manipulated its currency in the past year, and that China adheres to certain international agreements on export credits.

This bill will expire and no longer be in effect 10 years after its enactment.

Rep. Warren Davidson

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