Bill > S4418

This bill, the China Exchange Rate Transparency Act of 2024, requires the United States Executive Director at the International Monetary Fund (IMF) to advocate for increased transparency from China regarding its exchange rate policies. The bill finds that China has limited transparency around its exchange rate mechanism, which complicates the U.S. Treasury's ability to assess the degree to which China's actions are designed to impact the exchange rate. The bill instructs the U.S. Executive Director to advocate for stronger IMF surveillance of China's exchange rate arrangements, including any significant divergences from the exchange rate policies of other currencies used to determine the value of Special Drawing Rights. Additionally, the bill requires the Treasury Secretary to determine within 90 days whether China meets the criteria to be designated as a currency manipulator under existing law. The bill will expire either when China is found to be in substantial compliance with its IMF obligations or within 7 years of enactment, whichever occurs first.