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![handle is hein.congrecreports/crptxafuv0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-291
CHINA EXCHANGE RATE TRANSPARENCY ACT OF 2023
DECEMBER 1, 2023.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 839]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 839) to require the United States Executive Director at
the International Monetary Fund to advocate for increased trans-
parency with respect to exchange rate policies of the People's Re-
public of China, and for other purposes, having considered the
same, reports favorably thereon with an amendment and rec-
ommends that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the China Exchange Rate Transparency Act of 2023.
SEC. 2. FINDINGS.
The Congress finds as follows:
(1) Under Article IV of the Articles of Agreement of the International Mone-
tary Fund (IMF), the People's Republic of China has committed to orderly ex-
change 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 Arti-
cles 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 Ex-
change Policies of Major Trading Partners of the United States, the Depart-
ment of the Treasury concluded, China provides very limited transparency re-
garding key features of its exchange rate mechanism, including the policy objec-
tives 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..
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