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II
118TH CONGRESS
1ST SESSION
S. 1919
To require the United States Governor of, and the United States Executive
Director at, the International Monetary Fund to oppose an increase
in the weight of the Chinese renminbi in the Special Drawing Rights
basket of the Fund, and for other purposes.
IN THE SENATE OF THE UNITED STATES
JUNE 8, 2023
Mr. BUDD (for himself, Mr. MANCHIN, Mrs. BRITT, Mr. BRAUN, Mr. BAR-
RASSO, and Ms. ERNST) introduced the following bill; which was read
twice and referred to the Committee on Foreign Relations
A BILL
To require the United States Governor of, and the United
States Executive Director at, the International Monetary
Fund to oppose an increase in the weight of the Chinese
renminbi in the Special Drawing Rights basket of the
Fund, and for other purposes.
Be it enacted by the Senate and House of Representa-
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tives of the United States of America in Congress assembled,
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SECTION 1. SHORT TITLE.
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This Act may be cited as the ‘‘Chinese Currency Ac-
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countability Act of 2023’’.
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•S 1919 IS
SEC. 2. OPPOSITION OF THE UNITED STATES TO AN IN-
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CREASE IN THE WEIGHT OF THE CHINESE
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RENMINBI IN THE SPECIAL DRAWING RIGHTS
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BASKET OF THE INTERNATIONAL MONETARY
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FUND.
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The Secretary of the Treasury shall instruct the
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United States Governor of, and the United States Execu-
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tive Director at, the International Monetary Fund to use
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the voice and vote of the United States to oppose any in-
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crease in the weight of the Chinese renminbi in the basket
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of currencies used to determine the value of Special Draw-
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ing Rights, unless the Secretary of the Treasury has sub-
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mitted to the Committee on Financial Services of the
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House of Representatives and the Committee on Banking,
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Housing, and Urban Affairs of the Senate a written report
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that includes a certification that—
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(1) the People’s Republic of China is in compli-
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ance with all its obligations under Article VIII of the
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Articles of Agreement of the Fund;
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(2) in the preceding 12 months, there has not
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been a report submitted under section 3005 of the
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Omnibus Trade and Competitiveness Act of 1988
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(22 U.S.C. 5305) or section 701 of the Trade Facili-
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tation and Trade Enforcement Act of 2015 (19
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U.S.C. 4421) in which the People’s Republic of
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•S 1919 IS
China has been found to have manipulated its cur-
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rency;
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(3) the People’s Republic of China has insti-
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tuted and is implementing the policies and practices
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necessary to ensure that the renminbi is freely usa-
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ble (within the meaning of Article XXX(f) of the Ar-
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ticles of Agreement of the Fund); and
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(4) the People’s Republic of China adheres to
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the rules and principles of the Paris Club and the
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Arrangement on Officially Supported Export Credits
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of the Organisation for Economic Co-operation and
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Development.
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SEC. 3. SUNSET.
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Section 2 shall have no force or effect beginning 10
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years after the date of the enactment of this Act.
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Æ
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