This legislation mandates that the United States Governor and Executive Director at the International Monetary Fund (IMF) use their voice and vote to oppose any increase in the weight of the Chinese renminbi within the Fund's Special Drawing Rights (SDR) basket. This opposition is a standing directive unless certain conditions are met and certified by the Secretary of the Treasury. The Secretary must provide a written report certifying that the People's Republic of China complies with all its obligations under Article VIII of the IMF's Articles of Agreement and has not been found to have manipulated its currency in the preceding 12 months. Furthermore, the certification requires China's adherence to the rules and principles of the Paris Club and the OECD Arrangement on Officially Supported Export Credits. This requirement will cease to have effect 10 years after the Act's enactment.
Referred to the House Committee on Financial Services.
Mr. Hill (AR) moved to suspend the rules and pass the bill.
Considered under suspension of the rules. (consideration: CR H595-596)
DEBATE - The House proceeded with forty minutes of debate on H.R. 386.
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H595)
Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Foreign Trade and International Finance
AsiaChinaCongressional oversightCurrencyInternational monetary system and foreign exchange
Chinese Currency Accountability Act of 2025
USA119th CongressHR-386| House
| Updated: 2/11/2025
This legislation mandates that the United States Governor and Executive Director at the International Monetary Fund (IMF) use their voice and vote to oppose any increase in the weight of the Chinese renminbi within the Fund's Special Drawing Rights (SDR) basket. This opposition is a standing directive unless certain conditions are met and certified by the Secretary of the Treasury. The Secretary must provide a written report certifying that the People's Republic of China complies with all its obligations under Article VIII of the IMF's Articles of Agreement and has not been found to have manipulated its currency in the preceding 12 months. Furthermore, the certification requires China's adherence to the rules and principles of the Paris Club and the OECD Arrangement on Officially Supported Export Credits. This requirement will cease to have effect 10 years after the Act's enactment.