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US Opposition to Increased Chinese Currency Weight in IMF Basket

This law requires US representatives at the International Monetary Fund (IMF) to vote against increasing the weight of the Chinese currency (renminbi) in the basket used to value Special Drawing Rights. This action is intended to pressure China to adhere to international financial rules and stop currency manipulation. While not directly affecting domestic life, it shapes US foreign economic policy and global financial stability.
Key points
The US must oppose any increase in the renminbi's role in the IMF's currency basket.
This opposition can only be lifted if the Treasury Secretary certifies that China is not manipulating its currency and fully complies with international financial obligations.
The measure is designed to ensure fair global trade practices and protect US financial interests abroad.
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Expired
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Additional Information
Print number: 118_S_1919
Sponsor: Sen. Budd, Ted [R-NC]
Process start date: 2023-06-08
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
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_S_1919.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-06-08.

What are the main provisions?

Key points include:

  • The US must oppose any increase in the renminbi's role in the IMF's currency basket.
  • This opposition can only be lifted if the Treasury Secretary certifies that China is not manipulating its currency and fully complies with international financial obligations.
  • The measure is designed to ensure fair global trade practices and protect US financial interests abroad.
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 Sen. Budd, Ted [R-NC].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy