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Chinese Currency Accountability Act of 2021

USA117th CongressHR-3866| House 
| Updated: 6/14/2021
Warren Davidson

Warren Davidson

Republican Representative

Ohio

Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Chinese Currency Accountability Act of 2021 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 used to determine the value of Special Drawing Rights. Special Drawing Rights are a currency support tool available to members of the International Monetary Fund (IMF). 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 (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 is implementing policies and practices necessary to ensure that the renminbi is freely usable.
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Timeline
Jun 14, 2021
Introduced in House
Jun 14, 2021
Referred to the House Committee on Financial Services.
  • June 14, 2021
    Introduced in House


  • June 14, 2021
    Referred to the House Committee on Financial Services.

Foreign Trade and International Finance

Related Bills

  • HR 117-4792: Countering Communist China Act
AsiaChinaCongressional oversightCurrencyInternational monetary system and foreign exchange

Chinese Currency Accountability Act of 2021

USA117th CongressHR-3866| House 
| Updated: 6/14/2021
Chinese Currency Accountability Act of 2021 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 used to determine the value of Special Drawing Rights. Special Drawing Rights are a currency support tool available to members of the International Monetary Fund (IMF). 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 (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 is implementing policies and practices necessary to ensure that the renminbi is freely usable.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jun 14, 2021
Introduced in House
Jun 14, 2021
Referred to the House Committee on Financial Services.
  • June 14, 2021
    Introduced in House


  • June 14, 2021
    Referred to the House Committee on Financial Services.
Warren Davidson

Warren Davidson

Republican Representative

Ohio

Financial Services Committee

Foreign Trade and International Finance

Related Bills

  • HR 117-4792: Countering Communist China Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
AsiaChinaCongressional oversightCurrencyInternational monetary system and foreign exchange