This bill would require the Secretary of the Treasury to tell the United States Governor and the United States Executive Director at the International Monetary Fund (IMF) to use the U.S. voice and vote to oppose any increase in the weight of the Chinese renminbi (RMB) in the IMF's Special Drawing Rights (SDR) currency basket. The Treasury must first send a written report to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs that certifies three things: (1) the People's Republic of China is complying with Article VIII of the IMF Articles of Agreement; (2) in the previous 12 months there has not been a report under section 3005 of the Omnibus Trade and Competitiveness Act of 1988 or section 701 of the Trade Facilitation and Trade Enforcement Act of 2015 finding that China manipulated its currency; and (3) China adheres to the rules and principles of the Paris Club and the OECD Arrangement on Officially Supported Export Credits. The requirement in the bill would expire 10 years after enactment.
If enacted, U.S. representatives at the IMF would be directed to oppose raising the RMB's share of the SDR basket unless Treasury provides the written certifications to two congressional committees. The rule applies for up to 10 years from the law's enactment.
No publicly available information on federal costs or savings is included in the bill text or accompanying metadata.
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