119THCONGRESS
1
STSESSION H. R. 692
AN ACT
To require the United States Executive Director at the Inter-
national Monetary Fund to advocate for increased trans-
parency with respect to exchange rate policies of the
People’s Republic of China, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2 2
•HR 692 EH
SECTION 1. SHORT TITLE. 1
This Act may be cited as the ‘‘China Exchange Rate 2
Transparency Act of 2025’’. 3
SEC. 2. FINDINGS. 4
The Congress finds as follows: 5
(1) Under Article IV of the Articles of Agree-6
ment of the International Monetary Fund (IMF), 7
the People’s Republic of China has committed to or-8
derly exchange rate arrangements, the avoidance of 9
exchange rate manipulation, and cooperation with 10
the IMF to ensure ‘‘firm surveillance’’ of the ex-11
change rate policies of the People’s Republic of 12
China. Pursuant to Article VIII of the Articles of 13
Agreement of the IMF, the IMF may require the 14
People’s Republic of China to furnish data on gold 15
and foreign exchange holdings, including assets held 16
by non-official agencies of the People’s Republic of 17
China. 18
(2) In its November 2022 report, entitled 19
‘‘Macroeconomic and Foreign Exchange Policies of 20
Major Trading Partners of the United States’’, the 21
Department of the Treasury concluded, ‘‘China pro-22
vides very limited transparency regarding key fea-23
tures of its exchange rate mechanism, including the 24
policy objectives of its exchange rate management 25
regime and its activities in the offshore RMB mar-26 3
•HR 692 EH
ket.’’. The Department continued: ‘‘China’s lack of 1
transparency and use of a wide array of tools com-2
plicate Treasury’s ability to assess the degree to 3
which official actions are designed to impact the ex-4
change rate.’’. 5
(3) In that report, the Department further 6
noted that ‘‘China’s failure to publish foreign ex-7
change intervention and broader lack of trans-8
parency around key features of its exchange rate 9
mechanism make it an outlier among major econo-10
mies and warrants Treasury’s close monitoring.’’. 11
SEC. 3. ADVOCACY FOR INCREASED EXCHANGE RATE 12
TRANSPARENCY FROM CHINA. 13
The Secretary of the Treasury shall instruct the 14
United States Executive Director at the International 15
Monetary Fund (in this Act referred to as the ‘‘IMF’’) 16
to use the voice and vote of the United States to advocate 17
for— 18
(1) increased transparency from the People’s 19
Republic of China, and enhanced multilateral and bi-20
lateral surveillance by the IMF, with respect to the 21
exchange rate arrangements of the People’s Republic 22
of China, including any indirect foreign exchange 23
market intervention through Chinese financial insti-24
tutions or state-owned enterprises; 25 4
•HR 692 EH
(2) in connection with consultations with the 1
People’s Republic of China under Article IV of the 2
Articles of Agreement of the IMF, the inclusion of 3
any significant divergences by the People’s Republic 4
of China from the exchange rate policies of other 5
issuers of currencies used in determining the value 6
of Special Drawing Rights; and 7
(3) during governance reviews of the IMF, 8
stronger consideration by IMF members and man-9
agement of the performance of China as a respon-10
sible stakeholder in the international monetary sys-11
tem when evaluating quota and voting shares at the 12
IMF. 13
SEC. 4. SUNSET. 14
This Act shall have no force or effect on or after the 15
date that is 30 days after the earlier of— 16
(1) the date that the United States Governor of 17
the IMF reports to the Congress that the People’s 18
Republic of China— 19
(A) is in substantial compliance with obli-20
gations of the People’s Republic of China under 21
the Articles of Agreement of the IMF regarding 22
orderly exchange rate arrangements; and 23
(B) has undertaken exchange rate policies 24
and practices consistent with those of other 25 5
•HR 692 EH
issuers of currencies used in determining the 1
value of Special Drawing Rights; and 2
(2) the date that is 7 years after the date of the 3
enactment of this Act. 4
Passed the House of Representatives February 10,
2025.
Attest:
Clerk. 119
TH
CONGRESS
1
ST
S
ESSION
H. R. 692
AN ACT
To require the United States Executive Director at
the International Monetary Fund to advocate for
increased transparency with respect to exchange
rate policies of the People’s Republic of China,
and for other purposes.