Chinese Currency Accountability Act of 2025
2/13/2025, 3:08 AMSummary of Bill HR 386
Bill 119 HR 386, also known as the "Opposing Chinese Currency Manipulation Act," aims to prevent the International Monetary Fund (IMF) from increasing the weight of the Chinese renminbi in the Special Drawing Rights (SDR) basket. The SDR is an international reserve asset created by the IMF to supplement the official reserves of its member countries.The bill requires the United States Governor of the IMF and the United States Executive Director at the IMF to actively oppose any efforts to increase the weight of the Chinese renminbi in the SDR basket. This is in response to concerns that China may be manipulating its currency to gain an unfair advantage in international trade.
The bill also includes provisions for reporting requirements and oversight to ensure that the IMF is not unfairly favoring the Chinese renminbi in its decision-making processes. Overall, the goal of Bill 119 HR 386 is to protect the integrity of the SDR basket and prevent any potential economic harm that could result from the manipulation of the Chinese currency.
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Current Status of Bill HR 386
Bill HR 386 is currently in the status of Passed in House since February 10, 2025. Bill HR 386 was introduced during Congress 119 and was introduced to the House on January 14, 2025. Bill HR 386's most recent activity was Received in the Senate and Read twice and referred to the Committee on Foreign Relations. as of February 11, 2025Bipartisan Support of Bill HR 386
Total Number of Sponsors
9Democrat Sponsors
0Republican Sponsors
9Unaffiliated Sponsors
0Total Number of Cosponsors
1Democrat Cosponsors
0Republican Cosponsors
1Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 386
Primary Policy Focus
Foreign Trade and International FinanceAlternate Title(s) of Bill HR 386
To require the United States Governor of, and the United States Executive Director at, the International Monetary Fund to oppose an increase in the weight of the Chinese renminbi in the Special Drawing Rights basket of the Fund, and for other purposes.To require the United States Governor of, and the United States Executive Director at, the International Monetary Fund to oppose an increase in the weight of the Chinese renminbi in the Special Drawing Rights basket of the Fund, and for other purposes.Comments
Most relevant
Sponsors and Cosponsors of HR 386
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