S 2146
· 119th Congress
· International Affairs
China Exchange Rate Transparency Act of 2025
Sponsor
Latest action
Placed on Senate Legislative Calendar under General Orders. Calendar No. 236.
Action timeline
Every recorded action on this bill, newest first. Stage badges color-code the legislative path.
Oct 30, 2025
committee
Committee on Foreign Relations. Reported by Senator Risch with an amendment in the nature of a substitute. Without written report.
Foreign Relations Committee
Oct 30, 2025
other
Placed on Senate Legislative Calendar under General Orders. Calendar No. 236.
Oct 22, 2025
committee
Committee on Foreign Relations. Ordered to be reported with an amendment in the nature of a substitute favorably.
Foreign Relations Committee
Jun 24, 2025
introduced
Introduced in Senate
Jun 24, 2025
introduced
Read twice and referred to the Committee on Foreign Relations.
Foreign Relations Committee
Text versions
Each stage of the bill — official text published by GPO. Click any format to read on congress.gov / govinfo.
Changelog
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih / is — Introduced in House / Senate. First filed version.rfh / rfs — Referred to a committee for review.rh / rs — Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs / pch — Placed on Calendar for floor consideration.eh / es — Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh / rds — Received by the other chamber.eah / eas — Engrossed Amendment. The other chamber passed an amended version.ath / ats — Agreed to. Both chambers settled on the same text.enr — Enrolled. Final reconciled text, sent to the President.pl — Public Law. Signed by the President. It's now law.pp — Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
ⓘ
How a bill moves through Congress. Each stage produces a new official text. The diff between them shows what changed at that step.
ih/is— Introduced in House / Senate. First filed version.rfh/rfs— Referred to a committee for review.rh/rs— Reported back by the committee to the floor (often with amendments — this is where most language changes happen).pcs/pch— Placed on Calendar for floor consideration.eh/es— Engrossed. Passed by the originating chamber. Text is now what was actually voted on.rdh/rds— Received by the other chamber.eah/eas— Engrossed Amendment. The other chamber passed an amended version.ath/ats— Agreed to. Both chambers settled on the same text.enr— Enrolled. Final reconciled text, sent to the President.pl— Public Law. Signed by the President. It's now law.pp— Public Print. Official printing post-enactment.
Most bills die before eh/es. Going from pcs → enr is the full path through both chambers.
Line-level diff between text versions of this bill — what actually changed at each legislative stage.
+125
−5
32 unchanged
--- Introduced (Senate)
+++ Reported (Senate)
@@ -1,8 +1,9 @@
[From the U.S. Government Publishing Office]
-[S. 2146 Introduced in Senate (IS)]
+[S. 2146 Reported in Senate (RS)]
<DOC>
+Calendar No. 236
119th CONGRESS
1st Session
S. 2146
@@ -22,6 +23,12 @@
following bill; which was read twice and referred to the Committee on
Foreign Relations
+October 30, 2025
+
+Reported by Mr. Risch, with an amendment
+[Strike out all after the enacting clause and insert the part printed
+in italic]
+
_______________________________________________________________________
A BILL
@@ -33,6 +40,82 @@
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
+
+<DELETED>SECTION 1. SHORT TITLE.</DELETED>
+
+<DELETED> This Act may be cited as the ``China Exchange Rate
+Transparency Act of 2025''.</DELETED>
+
+<DELETED>SEC. 2. FINDINGS.</DELETED>
+
+<DELETED> Congress makes the following findings:</DELETED>
+<DELETED> (1) Under Article IV of the Articles of Agreement
+of the International Monetary Fund, the People's Republic of
+China has committed to orderly exchange rate arrangements, the
+avoidance of exchange rate manipulation, and cooperation with
+the Fund to ensure ``firm surveillance'' of the exchange rate
+policies of the People's Republic of China. Pursuant to Article
+VIII of the Articles of Agreement of the Fund, the Fund may
+require the People's Republic of China to furnish data on gold
+and foreign exchange holdings, including assets held by non-
+official agencies of the People's Republic of China.</DELETED>
+<DELETED> (2) In its November 2022 report, entitled
+``Macroeconomic and Foreign Exchange Policies of Major Trading
+Partners of the United States'', the Department of the Treasury
+concluded, ``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 [renminbi] market.''. The
+Department continued: ``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.''.</DELETED>
+<DELETED> (3) In that report, the Department further noted,
+``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.''.</DELETED>
+
+<DELETED>SEC. 3. ADVOCACY FOR INCREASED EXCHANGE RATE TRANSPARENCY FROM
+THE PEOPLE'S REPUBLIC OF CHINA.</DELETED>
+
+<DELETED> (a) In General.--The Secretary of the Treasury shall
+instruct the United States Executive Director at the International
+Monetary Fund to use the voice and vote of the United States to
+advocate for--</DELETED>
+<DELETED> (1) increased transparency from the People's
+Republic of China, and enhanced multilateral and bilateral
+surveillance by the Fund, with respect to the exchange rate
+arrangements of the People's Republic of China, including any
+indirect foreign exchange market intervention through Chinese
+financial institutions or state-owned enterprises;</DELETED>
+<DELETED> (2) in connection with consultations with the
+People's Republic of China under Article IV of the Articles of
+Agreement of the Fund, the inclusion of any significant
+divergences by the People's Republic of China from the exchange
+rate policies of other issuers of currencies used in
+determining the value of Special Drawing Rights; and</DELETED>
+<DELETED> (3) during governance reviews of the Fund,
+stronger consideration by members and management of the Fund of
+the performance of the People's Republic of China as a
+responsible stakeholder in the international monetary system
+when evaluating quota and voting shares at the Fund.</DELETED>
+<DELETED> (b) Sunset.--The requirement under subsection (a) shall
+terminate on the date that is 30 days after the earlier of--</DELETED>
+<DELETED> (1) the date on which the United States Governor
+of the International Monetary Fund reports to Congress that the
+People's Republic of China--</DELETED>
+<DELETED> (A) is in substantial compliance with
+obligations of the People's Republic of China under the
+Articles of Agreement of the Fund regarding orderly
+exchange rate arrangements; and</DELETED>
+<DELETED> (B) has undertaken exchange rate policies
+and practices consistent with those of other issuers of
+currencies used in determining the value of Special
+Drawing Rights; or</DELETED>
+<DELETED> (2) the date that is 7 years after the date of the
+enactment of this Act.</DELETED>
SECTION 1. SHORT TITLE.
@@ -86,13 +169,29 @@
of the Fund, the inclusion of any significant divergences by
the People's Republic of China from the exchange rate policies
of other issuers of currencies used in determining the value of
-Special Drawing Rights; and
+Special Drawing Rights;
(3) during governance reviews of the Fund, stronger
consideration by members and management of the Fund of the
performance of the People's Republic of China as a responsible
stakeholder in the international monetary system when
-evaluating quota and voting shares at the Fund.
-(b) Sunset.--The requirement under subsection (a) shall terminate
+evaluating quota and voting shares at the Fund; and
+(4) increased transparency regarding the mechanisms through
+which the People's Republic of China utilizes Hong Kong's
+financial system to influence exchange rate arrangements and
+the value or use of Special Drawing Rights.
+(b) Annual Reports on Implementation.--Not later than one year
+after the date of the enactment of this Act, and annually thereafter
+until the termination date described in subsection (c), the Secretary
+of the Treasury shall submit to Congress a report that--
+(1) describes the specific actions taken by the United
+States Executive Director at the International Monetary Fund in
+the year preceding submission of the report to carry out
+subsection (a); and
+(2) describes in detail the extent of the compliance of the
+People's Republic of China regarding transparency and any
+significant divergences noted in consultations under Article IV
+of the Articles of Agreement of the Fund.
+(c) Sunset.--The requirement under subsection (a) shall terminate
on the date that is 30 days after the earlier of--
(1) the date on which the United States Governor of the
International Monetary Fund reports to Congress that the
@@ -107,4 +206,25 @@
Drawing Rights; or
(2) the date that is 7 years after the date of the
enactment of this Act.
-<all>
+Calendar No. 236
+
+119th CONGRESS
+
+1st Session
+
+S. 2146
+
+_______________________________________________________________________
+
+A BILL
+
+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.
+
+_______________________________________________________________________
+
+October 30, 2025
+
+Reported with an amendment
Cosponsors (1)
Members who signed on to support this bill.