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April 30, 2026
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Download official Senate Record PDFReturn to issue contextRESERVE CURRENCY OF THE WORLD AND COMBATING THE ECONOMIC INFLUENCE OF
THE PEOPLE'S REPUBLIC OF CHINA
Mr. BUDD (for himself and Mrs. Shaheen) submitted the following resolution; which was referred to the Committee on Foreign Relations:
S. Res. 713
Whereas the United States dollar serves an indispensable
role in global commerce and finance;
Whereas the United States dollar represents—
(1) a stable, rule of law-based legal system;
(2) democratic, representative government institutions;
(3) highly liquid and reliable capital markets;
(4) a robust and dynamic capitalist domestic economy;
(5) deep and extensive global trading relationships; and
(6) a significant commitment to market-based, free-floating
exchange rates and independent monetary policy;
Whereas the International Monetary Fund reports the United
States dollar accounted for approximately 71 percent of
global currency reserves in 1999 and has since declined to
56.82 percent in the third quarter of 2025;
Whereas the People's renminbi, the official currency of the
People's Republic of China (PRC) (commonly referred to as the
“Chinese Yuan”), accounted for 1.93 percent of global
currency reserves in the third quarter of 2025;
Whereas the People's Republic of China appears to have
built substantial “shadow reserves” that are under the
control of the People's Bank of China, the central bank of
the People's Republic of China, but are obscured from
international data;
Whereas the People's Republic of China maintains a non-
market, fixed exchange rate that systemically undervalues the
Chinese Yuan, contributing to large trade imbalances between
the People's Republic of China and the rest of the world;
Whereas there is documented evidence that PRC banks and the
People's Bank of China intervene in foreign exchange markets
to limit appreciation of the Chinese Yuan to levels above the
non-market-based range Chinese Communist Party leadership
sets;
Whereas multiple organizations have estimated that the
Chinese Yuan is persistently undervalued, including one index
that claims the Chinese Yuan is 41 percent undervalued;
Whereas the Chinese Communist Party has disregarded the
Paris Club and the Organisation for Economic Co-operation and
Development and saddled developing countries with opaque and
unsustainable debt, including through the Belt and Road
Initiative;
Whereas the Chinese Communist Party's refusal to disclose
its lending to foreign countries and reluctance to engage in
significant debt restructuring is undermining the missions of
the International Monetary Fund and the World Bank related to
global economic development and stability;
Whereas the Chinese Communist Party is now the largest
official creditor and provider of export subsidies in the
world;
Whereas the Belt and Road Initiative has led to an
increased reliance on capital from the People's Republic of
China in developing countries;
Whereas the Belt and Road Initiative encompassed a record
$213,500,000,000 in 2025;
Whereas, since 2013, the Chinese Communist Party has
invested more than $1,000,000,000,000 in projects under the
Belt and Road Initiative around the world;
Whereas the People's Republic of China has been taking
aggressive steps towards developing its central bank digital
currency, the digital yuan;
Whereas the People's Republic of China has worked to expand
the use cases of the digital yuan for the Belt and Road
Initiative and to settle cross-border transactions;
Whereas the People's Republic of China has sought to
influence the global economy by expanding the BRICS group,
made up of Brazil, Russia, India, China, and South Africa,
and in August 2023, the BRICS group announced it was inviting
Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the
United Arab Emirates to join the group, and several members
of the BRICS group have supported using the group to support
a competitor currency to the United States dollar;
Whereas Kenya and the People's Republic of China have been
swapping repayment terms for outstanding debt from United
States dollar denomination to Chinese Yuan denomination;
Whereas global trade denominated in the Chinese Yuan has
doubled from 2 percent of international payments by volume in
2022 to 4 percent in 2025;
Whereas 30 percent of the People's Republic of China's
trade in goods and services was conducted with yuan in 2025
compared to 14 percent of such trade in 2019;
Whereas the People's Bank of China has extended
4,500,000,000,000 Chinese Yuan (approximately
$630,000,000,000) in swap lines to 32 separate sovereign
central banks;
Whereas more than 1,700 banks have subscribed to the Cross-
Border Interbank Payment System (CIPS), which is designed to
be a People's Republic of China alternative to the Society
for Worldwide Interbank Financial Telecommunication (SWIFT)
to further insulate PRC trade from the dollar-backed
international financial system;
Whereas there are reports that Iran may allow oil cargos
using the Chinese Yuan to pass through the Strait of Hormuz,
even as it blocks other traffic;
Whereas the emergence of a separate system of global
financial infrastructure provided by the People's Republic of
China removes points of leverage against the People's
Republic China should the PRC decide to take military action
against Taiwan and disrupt freedom of navigation in important
sea lanes in the Indo-Pacific;
Whereas a recently published speech given by the President
of the People's Republic of China in 2024 establishes a
policy of further internationalizing the Chinese Yuan and
making it a “powerful currency” that could be “widely used
in international trade, investment and foreign exchange
markets, and attain reserve currency status”; and
Whereas the efforts of the Chinese Communist Party to
develop a parallel financial system to rival United States-
led institutions poses a threat to the economy and national
security of the United States: Now, therefore, be it
Resolved, That it is the sense of the Senate that—
(1) the United States must take steps to protect the United
States dollar as the reserve currency of the world and
maintain its position as a key player in the global financial
system;
(2) the efforts of the People's Republic of China to
undermine the status of the United States dollar as the
reserve currency of the world must be closely monitored, and
appropriate measures must be taken to counter those efforts;
(3) the United States must work to strengthen its economic
ties with critical regions of the world to provide an
alternative to PRC capital; and
(4) the United States must continue to work with its allies
to promote economic policies that ensure growth and stability
across developing countries.