Advocacy for increased exchange rate transparency from the People's Republic of China

(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— (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; (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 (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 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 People’s Republic of China— (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 (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 (2) the date that is 7 years after the date of the enactment of this Act.