**House Passes China Currency Transparency Bill**

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house

about 1 month ago - Politics

House Passes Bill for More Transparency in China’s Currency Practices

In a significant move, the House of Representatives has passed a new law aimed at demanding clearer information from China on how it manages its currency. This law, called the China Exchange Rate Transparency Act, will require the U.S. representatives at the International Monetary Fund (IMF) to push for better insights into China's financial practices, which many have criticized for being confusing.

The new law does several important things:

  1. The U.S. will instruct its representative at the IMF to ask China for more openness about its currency exchange rates. This means China will have to share more details about how it controls the value of its currency, especially through government-run companies.

  2. The law will ensure that China's currency strategies are compared with those of other big countries. This is to make sure that China is playing fair in the world’s financial playground.

  3. The bill will require thorough evaluations of China's role in global money matters during IMF reviews. This includes checking whether China follows the rules and how its actions affect other countries.

By implementing this law, the House aims to create a more predictable environment for American businesses and consumers who trade with China. If China listens and improves its transparency, it could mean fewer risks in trading, which would be good for everyone in the U.S. The law will stay in effect until either China shows clear improvement or seven years passes, keeping pressure on China to be more open.

Overall, this is seen as a step towards encouraging fair play and cooperation in international markets by ensuring that important financial policies are visible to everyone involved.

This is a bill that asks the U.S. representative at the International Monetary Fund (IMF) to push for better reporting from China about its money management practices.

  1. Main Point: It aims to make China share clear information about how it sets the value of its money compared to other countries.

  2. Details:

    • China must follow the rules of the IMF that say it should not manipulate its money value and must be open about its money practices.
    • The U.S. Treasury reported that China does not provide enough information about how it manages its money, which makes it hard to understand its actions.
    • The bill asks for the U.S. representative at the IMF to speak up about needing more transparency from China and to monitor how it affects global money markets.

  3. Important Numbers:

    • The bill will be checked 30 days after the U.S. reports that China is following IMF rules, or after 7 years from the bill’s passing.

  4. Outcome: If China becomes more open about its money practices, it could lead to fairer trade and a more stable global economy for everyone.

395 votes

Yes

388

No

7

Not Voting

38

  1. Motion to reconsider laid on the table Agreed to without objection.
  2. On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 388 - 7 (Roll no. 36).
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  3. Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 388 - 7 (Roll no. 36).
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  4. Considered as unfinished business.
  5. At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
  6. DEBATE - The House proceeded with forty minutes of debate on H.R. 692.
  7. Considered under suspension of the rules.
  8. Mr. Hill (AR) moved to suspend the rules and pass the bill, as amended.
  9. Introduced in House

    This is a bill that asks the U.S. representative at the International Monetary Fund (IMF) to push for better reporting from China about its money management practices.

    1. Main Point: It aims to make China share clear information about how it sets the value of its money compared to other countries.

    2. Details:

      • China must follow the rules of the IMF that say it should not manipulate its money value and must be open about its money practices.
      • The U.S. Treasury reported that China does not provide enough information about how it manages its money, which makes it hard to understand its actions.
      • The bill asks for the U.S. representative at the IMF to speak up about needing more transparency from China and to monitor how it affects global money markets.

    3. Important Numbers:

      • The bill will be checked 30 days after the U.S. reports that China is following IMF rules, or after 7 years from the bill’s passing.

    4. Outcome: If China becomes more open about its money practices, it could lead to fairer trade and a more stable global economy for everyone.

  10. Referred to the House Committee on Financial Services.
  11. Introduced in House