H.R. 692 — China Exchange Rate Transparency Act of 2025

This section states congressional findings concerning (1) China's commitments under Articles IV and VIII of the IMF Articles of Agreement to maintain orderly exchange arrangements, avoid manipulation, cooperate on surveillance, and provide data on gold and foreign exchange holdings; and (2) the Department of the Treasury's November 2022 report, which concluded that China provides limited transparency on its exchange rate mechanism—including policy objectives and offshore RMB market activities—complicating U.S. assessments and warranting close monitoring as an outlier among major economies.

This section directs the Secretary of the Treasury to instruct the U.S. Executive Director at the International Monetary Fund (IMF) to use the U.S. voice and vote to advocate for (1) increased transparency from China and enhanced multilateral and bilateral IMF surveillance of China's exchange rate arrangements, including indirect foreign exchange market interventions through Chinese financial institutions or state-owned enterprises; (2) inclusion, in Article IV consultations with China, of significant divergences from exchange rate policies of other issuers of currencies used in determining the value of Special Drawing Rights; and (3) stronger consideration of China's performance as a responsible stakeholder in the international monetary system during IMF governance reviews evaluating quotas and voting shares.

This section sunsets the Act 30 days after the earlier of (1) a report from the U.S. Governor of the International Monetary Fund (IMF) to Congress certifying that China is in substantial compliance with its IMF Articles of Agreement obligations on orderly exchange rate arrangements and has adopted exchange rate policies consistent with other issuers of currencies used to value Special Drawing Rights (SDR); or (2) seven years after enactment.