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Chinese Currency Accountability Act: Impact on International Finance.

This act requires the United States to oppose an increase in the weight of the Chinese currency (renminbi) in the IMF's international currency basket, unless China meets specific conditions regarding fair financial practices. This aims to protect the stability of the global financial system, indirectly affecting citizens' financial security by maintaining market predictability.
Key points
The U.S. will block an increase in the Chinese currency's importance in the international fund unless China adheres to fair competition rules.
The act aims to ensure China does not manipulate its currency, which can affect the prices of goods and services available to citizens.
These provisions expire after 10 years, meaning their impact is time-limited.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_HR_510
Sponsor: Rep. Davidson, Warren [R-OH-8]
Process start date: 2023-01-25
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Chinese Currency Accountability Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_510.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-01-25.

What are the main provisions?

Key points include:

  • The U.S. will block an increase in the Chinese currency's importance in the international fund unless China adheres to fair competition rules.
  • The act aims to ensure China does not manipulate its currency, which can affect the prices of goods and services available to citizens.
  • These provisions expire after 10 years, meaning their impact is time-limited.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Davidson, Warren [R-OH-8].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5041)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

CATEGORIES

Economy