China Exchange Rate Transparency Act of 2023

Floor Speech

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Mrs. BEATTY. Madam Speaker, I yield myself such time as I may consume.

Madam Speaker, I rise in support of H.R. 839, the China Exchange Rate Transparency Act of 2023, sponsored by Congressman Meuser.

This bill requires the United States executive director at the International Monetary Fund, or IMF, to use its voice and vote to advocate for increased transparency regarding China's exchange rate policies.

This is important because China has a history of devaluing its currency, the yuan, against the dollar, making its exports unfairly cheaper, and thereby harming small businesses in the United States.

This bill would further impose greater accountability on China by requiring the United States to press the IMF to report whether China's exchange rate policies affect the value of SDRs and to consider China's performance as a responsible partner in the international monetary system when evaluating China's voting power at the IMF.

President Biden's Treasury Department has already increased transparency of China's practices, including by placing it on a watch list for its failure to publish foreign exchange intervention and key features of its exchange rate setting mechanism.

This bill would reinforce the Biden administration's actions to further push for greater transparency and accountability in this regard.

These are sensible actions Congress can take to prevent China from using its currency as an economic weapon.

For these reasons, I urge my colleagues to support this bill, and I reserve the balance of my time.

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Mrs. BEATTY. Madam Speaker, I yield myself the balance of my time.

Madam Speaker, this legislation builds upon the Biden administration's efforts to increase transparency and accountability of China on key features of how it sets its currency exchange rate.

It is critical to continue to apply pressure on China in this regard because weaponizing its exchange rate will directly harm the United States' small businesses selling their products and services here in the United States.

For these reasons, I again urge my colleagues to support this bill, and I yield back the balance of my time.

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