This bill requires the U.S. to oppose any increase in the weight of Chinese currency (the renminbi) in the International Monetary Fund basket used to value Special Drawing Rights, unless China meets specific conditions. These conditions include compliance with IMF obligations, no currency manipulation in the past year, and adherence to Paris Club and OECD export credit rules. The legislation aims to ensure China follows international financial standards before gaining additional influence in global reserve currencies.
Latest Action
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
AI Summary
Plain-English explanation of this bill
This bill requires the U.S. to oppose any increase in the weight of Chinese currency (the renminbi) in the International Monetary Fund basket used to value Special Drawing Rights, unless China meets specific conditions. These conditions include compliance with IMF obligations, no currency manipulation in the past year, and adherence to Paris Club and OECD export credit rules. The legislation aims to ensure China follows international financial standards before gaining additional influence in global reserve currencies.
Last updated: 1/4/2026
Official Summary
Congressional Research Service summary
<p><strong>Chinese Currency Accountability Act of 2025</strong></p><p>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 (currently, a set of five currencies, each with different weightings) used to determine the value of Special Drawing Rights. Special Drawing Rights are international reserve assets created by the International Monetary Fund (IMF) to supplement member countries' official foreign exchange reserves.</p><p>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 China is in compliance with certain standards and international agreements, including 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 adheres to the rules and principles of the Paris Club and the Organisation for Economic Co-operation and Development (OECD) Arrangement on Officially Supported Export Credits. </p>
Key Points
Main provisions of the bill
Requires U.S. opposition to increasing Chinese currency weight in IMF Special Drawing Rights basket
Sets conditions China must meet: IMF compliance, no currency manipulation, Paris Club adherence
Targets the renminbi (Chinese yuan) weighting in international reserve calculations
Empowers Treasury Department to instruct U.S. officials at the IMF
Promotes accountability for Chinese financial practices in global monetary system
How This Impacts Americans
Potential effects on citizens and communities
For U.S. policymakers: Provides leverage to hold China accountable for international financial standards. For the IMF: Creates procedural hurdles for currency basket adjustments involving China. For China: Increases pressure to comply with international financial norms and transparency requirements. For global markets: Could affect international reserve currency dynamics and dollar-renminbi relationships. For U.S.-China relations: Adds another point of tension in economic diplomacy.
Policy Areas
Primary Policy Area
Foreign Trade and International Finance
Related Subjects
Asia
China
Congressional oversight
Currency
International monetary system and foreign exchange
Scope & Jurisdiction
Jurisdiction Level
federal
Congressional Session
119th Congress
Citation Reference
386, 119th Congress (2025). "Chinese Currency Accountability Act of 2025". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-386
