S.Amdt. 6112

SA 6112 is an amendment to bill S. 4784. Its purpose is to add a section titled "Advocacy for Increased Exchange Rate Transparency from the People's Republic of China" to the end of subtitle D of title XII.

The amendment aims to add the following requirements:

• The Secretary of the Treasury must tell the United States Executive Director at the International Monetary Fund (IMF) to use the U.S. voice and vote to push for:

  • More transparency from the People's Republic of China and better surveillance by the Fund regarding their exchange rate arrangements, including indirect market interventions.
  • Including any big differences between China's exchange rate policies and those of other currency issuers used for Special Drawing Rights during Article IV consultations.
  • Stronger consideration of how China performs as a responsible stakeholder in the international monetary system when the Fund evaluates voting shares and quotas.
  • More transparency on how China uses Hong Kong's financial system to affect the value or use of Special Drawing Rights and exchange rate arrangements.

• The Secretary of the Treasury must provide an annual report to Congress detailing the actions taken by the U.S. Executive Director at the IMF and China's level of compliance.

• These requirements end 30 days after the U.S. Governor of the IMF reports that China is in substantial compliance with its obligations regarding orderly exchange rate arrangements and has policies consistent with other Special Drawing Rights currency issuers, or 7 years after the Act is passed, whichever comes first.