,,ii ,calendar ,no4 #bcf #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  ,october #cj1 #bjbe,reported
 by ,mr4 ,risch1 with an                
amendment,strike out all after the      
enacting clause and insert the part     
printed in italic  ,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    
#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     
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 ,fund2 and  7#d7 increased       
transparency regarding the mechanisms   
through which the ,people's ,republic of
 ,china utilizes ,hong ,kong's financial

 system to influence exchange rate      
arrangements and the value or use of    
,special ,drawing ,rights4  7b7 ,annual 
reports on implementation ,not later    
than one year after the date of the     
enactment of this ,act1 and annually    
thereafter until the termination date   
described in subsection 7c71 the        
,secretary of the ,treasury shall submit
 to ,congress a report that-- 7#a7      
describes the specific actions taken by 
the ,united ,states ,executive ,director
 at the ,international ,monetary ,fund  
in the year preceding submission of the 
report to carry out subsection 7a72 and 
7#b7 describes in detail the extent of  
the compliance of the ,people's         
,republic of ,china regarding           
transparency and any significant        
divergences noted in consultations under
 ,article ,,iv of the ,articles of      
,agreement of the ,fund4  7c7 ,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  ,october   
#cj1 #bjbe,reported with an amendment