What This Bill Does · Plain English
Summary · Congress.gov
China Exchange Rate Transparency Act of 2023 This bill requires the U.S. Executive Director at the International Monetary Fund (IMF) to use the voice and vote of the United States to advocate for increased exchange rate transparency from China. Some areas of focus for this advocacy are (1) Chinese exchange rate arrangements, including any indirect foreign exchange market intervention through Chinese financial institutions or state-owned enterprises; (2) enhanced multilateral and bilateral surveillance by the IMF; and (3) stronger consideration of China's performance as a responsible stakeholder in the international monetary system when evaluating quota and voting shares at the IMF. The requirements of the bill expire seven years and 30 days after the date of the bill's enactment or earlier if China meets certain conditions regarding its exchange rate policies.
Vote Breakdown · How Congress voted on HR.692
House
388-7
PASSED
Independents
388 yea
7 nay
⚠️ 7 members broke with party on this vote
Action Timeline
2025-02-11
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
2025-02-10
Motion to reconsider laid on the table Agreed to without objection.
2025-02-10
On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 388 - 7 (Roll no. 36). (text: CR H597)
2025-02-10
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 388 - 7 (Roll no. 36). (text: CR H597)
2025-02-10
Considered as unfinished business. (consideration: CR H605)
2025-02-10
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
2025-02-10
DEBATE - The House proceeded with forty minutes of debate on H.R. 692.
2025-02-10
Considered under suspension of the rules. (consideration: CR H596-599)
2025-02-10
Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
2025-01-23
Referred to the House Committee on Financial Services.
Frequently Asked Questions
Did HR.692 pass?
HR.692 is still alive. Current stage: PASSED_ONE. Pass likelihood: 36%.
What does HR.692 do?
China Exchange Rate Transparency Act of 2023 This bill requires the U.S. Executive Director at the International Monetary Fund (IMF) to use the voice and vote of the United States to advocate for increased exchange rate transparency from China. Some areas of focus for this advocacy are (1) Chinese exchange rate arrangements, including any indirect foreign exchange market intervention through Chinese financial institutions or state-owned enterprises; (2) enhanced multilateral and bilateral surveillance by the IMF; and (3) stronger consideration of China's performance as a responsible stakeholde…
Who sponsored HR.692?
HR.692 was sponsored by Daniel Meuser (R-Pennsylvania).
Who voted against HR.692?
7 members broke with their party on this vote.
Full Bill Text
119 HR 692 EH: China Exchange Rate Transparency Act of 2025 U.S. House of Representatives text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I 119th CONGRESS 1st Session H. R. 692 IN THE HOUSE OF REPRESENTATIVES AN ACT 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 China, and for other purposes. 1. Short title This Act may be cited as the China Exchange Rate Transparency Act of 2025 . 2. Findings The Congress finds as follows: (1) Under Article IV of the Articles of Agreement of the International Monetary Fund (IMF), the People’s Republic of China has committed to orderly exchange rate arrangements, the avoidance of exchange rate manipulation, and cooperation with the IMF to ensure firm surveillance of the exchange rate policies of the People’s Republic of China. Pursuant to Article VIII of the Articles of Agreement of the IMF, the IMF may require the People’s Republic of China to furnish data on gold and foreign exchange holdings, including assets held by non-official agencies of the People’s Republic of China. (2) In its November 2022 report, entitled Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States , the Department of the Treasury concluded, China provides very limited transparency regarding key features of its exchange rate mechanism, including the policy objectives of its exchange rate management regime and its activities in the offshore RMB market. . The Department continued: 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 rate. . (3) In that report, the Department further noted that 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 monitoring. . 3. Advocacy for increased exchange rate transparency from China The Secretary of the Treasury shall instruct the United States Executive Director at the International Monetary Fund (in this Act referred to as the IMF ) to use the voice and vote of the United States to advocate for— (1) increased transparency from the People’s Republic of China, and enhanced multilateral and bilateral surveillance by the IMF, with respect to the exchange rate arrangements of the People’s Republic of China, including any indirect foreign exchange market intervention through Chinese financial institutions or state-owned enterprises; (2) in connection with consultations with the People’s Republic of China under Article IV of the Articles of Agreement of the IMF, 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 Rights; and (3) during governance reviews of the IMF, stronger consideration by IMF members and management of the performance of China as a responsible stakeholder in the international monetary system when evaluating quota and voting shares at the IMF. 4. Sunset This Act shall have no force or effect on or after the date that is 30 days after the earlier of— (1) the date that the United States Governor of the IMF reports to the Congress that the People’s Republic of China— (A) is in substantial compliance with obligations of the People’s Republic of China under the Articles of Agreement of the IMF regarding orderly exchange rate arrangements; and (B) has undertaken exchange rate policies and practices consistent with those of other issuers of currencies used in determining the value of Special Drawing Rights; and (2) the date that is 7 years after the date of the enactment of this Act. Passed the House of Representatives February 10, 2025. Kevin F. McCumber, Clerk.
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