HR 510 United States House · 118th Congress

Chinese Currency Accountability Act of 2023

This bill directs the U.S. to oppose any increase in the Chinese renminbi's weight within the International Monetary Fund's (IMF) currency basket (Special Drawing Rights) unless specific conditions are met. The Treasury Secretary must certify that China complies with IMF rules, hasn't manipulated its currency in the past year, has policies enabling a "freely usable" renminbi, and follows international debt and export credit standards. If these conditions aren't certified, the U.S. will vote against raising the renminbi's role in the IMF basket. The provision expires 10 years after the bill's enactment.
Bill status passed 3 of 5 stages cleared
Introduction
Jan 2023
Committee Review
Sep 2024
House Passage
Sep 2024
Senate Passage
President
Introduced Jan 25, 2023 Last action Sep 10, 2024
Maddy AI version diff · 1 comparison

What changed between versions

Introduced in House → Engrossed in House · 2 edits · Sep 9, 2024
MINOR
The Engrossed version removes one of four certification conditions required before the U.S. could support an increase in the Chinese renminbi's weight in the IMF's Special Drawing Rights basket. Specifically, the requirement that China be 'freely usable' as a currency under Article XXX(f) of the IMF Articles of Agreement was dropped. The remaining three conditions (IMF compliance, no recent manipulation finding, and adherence to Paris Club/OECD export credit rules) are unchanged.
REQUIREMENT

Removed the condition that the Secretary of the Treasury must certify China has instituted policies ensuring the renminbi is 'freely usable' under Article XXX(f) of the IMF Articles of Agreement. This was one of four conditions that had to be met before the U.S. could support an increase in the renminbi's SDR weight.

TECHNICAL

Remaining certification conditions were renumbered from (1)-(4) to (1)-(3) following the removal of the freely usable condition.

Floor votes

How they voted

This bill passed the House by voice vote (no roll call recorded).
Full legislative history

Actions timeline

Total actions
13
Key actions
3
Committee
4
Amendments
3
Sep 10, 2024
Committee
Received in the Senate and Read twice and referred to the Committee on Foreign Relations.
upper
Sep 9, 2024
Introduced
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5041)
lower
Sep 9, 2024
Lower · Passed
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5041)
lower
Sep 9, 2024
Introduced
Mrs. Kim (CA) moved to suspend the rules and pass the bill, as amended.
lower
Dec 1, 2023
Lower · Passed
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-294.
lower
Feb 28, 2023
Introduced
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 40 - 0.
lower
Feb 28, 2023
Lower · Passed
Committee Consideration and Mark-up Session Held.
lower
Jan 25, 2023
Committee
Referred to the House Committee on Financial Services.
lower
Jan 25, 2023
Introduced
Introduced in House
lower
1 primary · 2 co-sponsors

Sponsors