,,ii  #aaith ,,congress  #ast ,session  
,s4 #badf  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #bd1     
#bjbe ,mr4 ,mc,cormick 7for himself and 
,ms4 ,cortez ,masto7 introduced the     
following bill2 which was read twice and
 referred to the ,committee on ,foreign 
,relations  ,a ,,bill  ,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   
#bjbe4  #b4  ,findings  ,congress makes 
the following findings3 7#a7 ,under     
,article ,,iv of the ,articles of       
,agreement of the ,international        
,monetary ,fund1 the ,people's ,republic
 of ,china has committed to orderly     
exchange rate arrangements1 the         
avoidance of exchange rate manipulation1
 and cooperation with the ,fund 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 ,fund1 the ,fund 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 renminbi     
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    
noted1 ,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 the ,people's ,republic of ,china  
7a7  ,in general  ,the ,secretary of the
 ,treasury shall instruct the ,united   
,states ,executive ,director at the     
,international ,monetary ,fund 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 ,fund1 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   
,fund1 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 ,fund1 
stronger consideration by members and   
management of the ,fund of the          
performance of the ,people's ,republic  
of ,china as a responsible stakeholder  
in the international monetary system    
when evaluating quota and voting shares 
at the ,fund4  7b7  ,sunset  ,the       
requirement under subsection 7a7 shall  
terminate on the date that is #cj days  
after the earlier of--  7#a7 the date on
 which the ,united ,states ,governor of 
the ,international ,monetary ,fund      

reports to ,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
 ,fund 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 or  
7#b7 the date that is #g years after the
 date of the enactment of this ,act4