#aahth ,,congress  #b;d ,session  ,h4   
,r4 #hci  ,,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 ,china1 and  
for other purposes4  #a4 ,short title   
,this ,act may be cited as the ,china   
,exchange ,rate ,transparency ,act of   
#bjbc4  #b4 ,findings ,the ,congress    
finds as follows3  7#a7 ,under ,article 
,,iv of the ,articles of ,agreement of  
the ,international ,monetary ,fund      
7,,imf71 the ,people's ,republic of     
,china has committed to orderly exchange
 rate arrangements1 the avoidance of    
exchange rate manipulation1 and         
cooperation with the ,,imf to ensure    
firm surveillance of the exchange rate  
policies of the ,people's ,republic of  
,china4 ,pursuant to ,article ,,viii of 
the ,articles of ,agreement of the      
,,imf1 the ,,imf may require the        
,people's ,republic of ,china to furnish

 data on gold and foreign exchange      
holdings1 including assets held by      
non-official agencies of the ,people's  
,republic of ,china4  7#b7 ,in its      
,november #bjbb report1 entitled        
,macroeconomic and ,foreign ,exchange   
,policies of ,major ,trading ,partners  
of the ,united ,states1 the ,department 
of the ,treasury concluded1 ,china      
provides very limited transparency      
regarding key features of its exchange  
rate mechanism1 including the policy    
objectives of its exchange rate         
management regime and its activities in 
the offshore ,,rmb market44 ,the        
,department continued3 ,china's lack of 
transparency and use of a wide array of 
tools complicate ,treasury's ability to 
assess the degree to which official     
actions are designed to impact the      
exchange rate44  7#c7 ,in that report1  
the ,department further noted that      
,china's failure to publish foreign     
exchange intervention and broader lack  
of transparency around key features of  

its exchange rate mechanism make it an  
outlier among major economies and       
warrants ,treasury's close monitoring44 
#c4 ,advocacy for increased exchange    
rate transparency from ,china ,the      
,secretary of the ,treasury shall       
instruct the ,united ,states ,executive 
,director at the ,international         
,monetary ,fund 7in this ,act referred  
to as the ,,imf7 to use the voice and   
vote of the ,united ,states to advocate 
for--  7#a7 increased transparency from 
the ,people's ,republic of ,china1 and  
enhanced multilateral and bilateral     
surveillance by the ,,imf1 with respect 
to the exchange rate arrangements of the
 ,people's ,republic of ,china1         
including any indirect foreign exchange 
market intervention through ,chinese    
financial institutions or state-owned   
enterprises2  7#b7 in connection with   
consultations with the ,people's        
,republic of ,china under ,article ,,iv 
of the ,articles of ,agreement of the   
,,imf1 the inclusion of any significant 

divergences by the ,people's ,republic  
of ,china from the exchange rate        
policies of other issuers of currencies 
used in determining the value of        
,special ,drawing ,rights2 and  7#c7    
during governance reviews of the ,,imf1 
stronger consideration by ,,imf members 
and management of the performance of    
,china as a responsible stakeholder in  
the international monetary system when  
evaluating quota and voting shares at   
the ,,imf4  #d4 ,sunset ,this ,act shall
 have no force or effect on or after the
 date that is #cj days after the earlier
 of--  7#a7 the date that the ,united   
,states ,governor of the ,,imf reports  
to the ,congress that the ,people's     
,republic of ,china-- 7,a7 is in        
substantial compliance with obligations 
of the ,people's ,republic of ,china    
under the ,articles of ,agreement of the
 ,,imf regarding orderly exchange rate  
arrangements2 and  7,b7 has undertaken  
exchange rate policies and practices    
consistent with those of other issuers  

of currencies used in determining the   
value of ,special ,drawing ,rights2 and 
7#b7 the date that is #g years after the
 date of the enactment of this ,act4    
,passed the ,house of ,representatives  
,january #ab1 #bjbd4;,clerk4