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119th CONGRESS 1st Session
To require the United States Executive Director at the International Monetary Fund to advocate for increased transparency with respect to exchange rate policies of the People’s Republic of China, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
firm surveillanceMacroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States China provides very limited transparency regarding key features of its exchange rate mechanism, including the policy objectives of its exchange rate management regime and its activities in the offshore RMB market. 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.China’s failure to publish foreign exchange intervention and broader lack of transparency around key features of its exchange rate mechanism make it an outlier among major economies and warrants Treasury’s close monitoring.IMF