Bill > HR386

This bill directs the U.S. Treasury Secretary to instruct the United States representatives at the International Monetary Fund (IMF) to oppose any increase in the Chinese renminbi's weight in the Special Drawing Rights (SDR) basket, which is a type of international reserve asset. The opposition can only be lifted if the Treasury Secretary provides a detailed report to congressional committees certifying three specific conditions: (1) China is fully complying with the IMF's Article VIII obligations, (2) China has not been found to have manipulated its currency in the previous 12 months according to specific trade reports, and (3) China is adhering to the rules of the Paris Club and OECD export credit guidelines. The bill includes a sunset provision that will automatically terminate these requirements 10 years after the Act's enactment, effectively making this a time-limited measure designed to exert diplomatic pressure on China's currency and trade practices by potentially limiting its international monetary influence.

Business and Industry, Government Affairs

https://www.congress.gov/bill/119th-congress/house-bill/386/all-info