Chinese Currency Accountability Act of 2023

Senate Bill

S. 1919

119th Congress

Chinese Currency Accountability Act of 2023

In Committee

Introduced:Jun 11, 2025

Primary Sponsor

Ted Budd

R - NC

Cosponsors

6

Quick Stats

Policy Area

Foreign Trade and International Finance

Summary

The Chinese Currency Accountability Act of 2023 would require the U.S. to oppose any increase in the weight of the Chinese currency, known as the renminbi, in the basket of currencies used to determine the value of Special Drawing Rights (a currency support tool used by the International Monetary Fund). This would happen unless the Treasury Department certifies that China is meeting certain conditions, such as complying with IMF obligations and not manipulating its currency.

Latest Action

Read twice and referred to the Committee on Foreign Relations.

Introduced6/11/2025

StatusRead twice and referred to the Committee on Foreign Relations.

ChamberSenate

Data from Congress.gov

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Vote Prediction

Chinese Currency Accountability Act of 2023

The Chinese Currency Accountability Act of 2023 would require the U.S. to oppose any increase in the weight of the Chinese currency, known as the renminbi, in the basket of currencies used to determine the value of Special Drawing Rights (a currency support to

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The Chinese Currency Accountability Act of 2023 would require the U.S. to oppose any increase in the weight of the Chinese currency, known as the renminbi, in the basket of currencies used to determine the value of Special Drawing Rights (a currency support tool used by the International Monetary Fund). This would happen unless the Treasury Department certifies that China is meeting certain conditions, such as complying with IMF obligations and not manipulating its currency.

Bill Number: 1919
Introduced: 6/11/2025
Status: 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 2023
Bill Number: 1919
Sponsor: No sponsor
Status: Read twice and referred to the Committee on Foreign Relations.
Introduced: 6/11/2025
Summary: The Chinese Currency Accountability Act of 2023 would require the U.S. to oppose any increase in the weight of the Chinese currency, known as the renminbi, in the basket of currencies used to determine the value of Special Drawing Rights (a currency support tool used by the International Monetary Fu

Data from Congress.gov

AI Summary

Plain-English explanation of this bill

The Chinese Currency Accountability Act of 2023 would require the U.S. to oppose any increase in the weight of the Chinese currency, known as the renminbi, in the basket of currencies used to determine the value of Special Drawing Rights (a currency support tool used by the International Monetary Fund). This would happen unless the Treasury Department certifies that China is meeting certain conditions, such as complying with IMF obligations and not manipulating its currency.

Last updated: 12/30/2025

Official Summary

Congressional Research Service summary

Chinese Currency Accountability Act of 2023 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 a currency support tool available to members of the International Monetary Fund (IMF). 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 (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 is implementing policies and practices necessary to ensure that the renminbi is freely usable.

Key Points

Main provisions of the bill

The bill would require the U.S. to oppose any increase in the weight of the Chinese renminbi currency in the basket used to determine the value of Special Drawing Rights.
The Treasury Department would have to certify that China is meeting certain conditions, like complying with IMF rules and not manipulating its currency, before the U.S. could support such an increase.
Special Drawing Rights are a currency support tool used by the International Monetary Fund that its member countries can access.

How This Impacts Americans

Potential effects on citizens and communities

If passed, this bill would impact the relationship between the U.S. and China, as well as the U.S. government's influence within the IMF. It could also affect the global use and prominence of the Chinese currency if its weight in the Special Drawing Rights basket is restricted.

Policy Areas

Primary Policy Area

Foreign Trade and International Finance

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

1919, 119th Congress (2025). "Chinese Currency Accountability Act of 2023". Source: Voter's Right Platform. https://votersright.org/bills/118-s-1919

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