Exchange rate governance and International Monetary Fund

(a) In general In applying criteria to determine whether the People’s Republic of China has manipulated the rate of exchange between its currency and the United States dollar, the Secretary of the Treasury— (1) shall take into account— (A) compliance by the People’s Republic of China with its obligations under Article VIII of the Articles of Agreement of the International Monetary Fund; (B) the transparency of exchange rate management by the People’s Republic of China; and (C) significant support by the government of the People’s Republic of China to particular economic sectors that prevents effective balance of payments adjustments; and (2) may carry out the determination regardless of any global current account surplus of the People’s Republic of China. (b) Opposition to IMF quota increase During the one-year period following a determination by the Secretary of the Treasury that the People’s Republic of China has manipulated the rate of exchange between its currency and the United States dollar, the Secretary shall instruct the United States Governor of the International Monetary Fund to use the voice and vote of the United States to oppose any proposal to increase the quota of the People’s Republic of China in the Fund, other than consent to an amendment to the Articles of Agreement of the Fund that has been authorized by law.