Chinese Currency Accountability Act of 2025

House Bill

H.R. 386

119th Congress

Chinese Currency Accountability Act of 2025

In Committee

Introduced:Jan 14, 2025

Primary Sponsor

Dusty Johnson

Representative

Republican

SD

Cosponsors

1

Quick Stats

Policy Area

Foreign Trade and International Finance

Summary

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.

SponsorDusty Johnson (R-SD)

Introduced1/14/2025

StatusReceived in the Senate and Read twice and referred to the Committee on Foreign Relations.

ChamberHouse

Data from Congress.gov

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Vote Prediction

Chinese Currency Accountability Act of 2025

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

Community Breakdown

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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.

Bill Number: 386
Sponsor: Dusty Johnson (R-SD)
Introduced: 1/14/2025
Status: Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Policy Area: Foreign Trade and International Finance

Data from Congress.gov

AI-generated summary

Fact Sheet

Title: Chinese Currency Accountability Act of 2025
Bill Number: 386
Sponsor: Dusty Johnson (R-SD)
Status: Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
Introduced: 1/14/2025
Summary: 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 manipulati

Data from Congress.gov

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

Chinese Currency Accountability Act of 2025This 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.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.

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

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