H.R. 692: China Exchange Rate Transparency Act of 2025

Introduced Jan 23, 202510 cosponsors

Sponsor

Daniel Meuser

Republican · PA-9

Congress wants China’s currency moves out in the open

3 min readLast updated October 22, 2026

Why it matters

The bill would keep U.S. pressure on the IMF for up to 7 years to dig into how China manages its currency—including activity the Treasury Department says is still unusually opaque among major economies. Instead of imposing tariffs or sanctions, it tries to force more disclosure and tougher international scrutiny.

H.R. 692 tells the U.S. to use its clout at the IMF to press China for more transparency on how it manages the value of its currency.

The bill does not create tariffs, sanctions, fines, or rebate checks. Instead, it orders the Treasury Secretary to direct the U.S. representative at the IMF to push for tougher surveillance of China's exchange-rate practices.

That includes more than obvious central-bank activity. The bill specifically says IMF scrutiny should also look at indirect foreign-exchange intervention through Chinese financial institutions or state-owned enterprises.

The bill's findings lean heavily on a November 2022 Treasury report. That report, as quoted in the bill, said China provides "very limited transparency" about key parts of its exchange-rate system and called China an "outlier among major economies" for not publishing foreign-exchange intervention data.

Lawmakers also want IMF reviews of China to compare its policies with other countries whose currencies help determine the value of Special Drawing Rights, the IMF's reserve asset. The idea is to judge China against peers already treated as systemically important.

This pressure campaign would stay in place until China is reported to be in substantial compliance, or until 7 years pass after enactment—whichever comes first.

Bill Progress

IntroducedJan 23

Committee

Pass HouseFeb 10

Pass Senate

Signed

Law

Latest Action · Feb 11, 2025

1/3

Passed the House, received in Senate

H.R. 692 Bill Summary

What H.R. 692 actually does.

U.S. officials must press the IMF for more disclosure

The bill requires the Treasury Secretary to direct the U.S. representative at the IMF to advocate for greater transparency around China's exchange-rate policies and stronger IMF surveillance.

State-backed market activity gets extra scrutiny

The IMF push would explicitly cover indirect foreign-exchange intervention through Chinese financial institutions or state-owned enterprises, not just direct central-government actions.

China would be measured against other major reserve-currency issuers

The bill tells U.S. officials to push IMF reviews to flag major gaps between China's exchange-rate policies and those of other countries whose currencies are used to value Special Drawing Rights.

IMF voting-power debates would factor in China's conduct

During IMF governance reviews, the U.S. would advocate for China's behavior in the international monetary system to carry more weight when quota and voting shares are discussed.

The pressure lasts up to 7 years

The bill expires 30 days after either Congress is told China is in substantial compliance with the standards named in the bill or 7 years have passed since enactment.

Who benefits from H.R. 692?

U.S. businesses exposed to currency swings

Companies competing with Chinese exporters or buying and selling across borders could benefit from clearer information if IMF scrutiny produces more usable data on China's exchange-rate practices.

Investors and analysts watching global markets

Anyone trying to price risk in Chinese markets would get more visibility if the bill's IMF pressure leads to better disclosure on intervention, offshore RMB activity, and policy goals.

Treasury officials pushing for a tougher IMF line

The bill gives U.S. officials explicit congressional backing to raise China's currency practices in IMF surveillance and governance debates.

Who is affected by H.R. 692?

Chinese economic authorities

They would face sustained U.S.-backed pressure at the IMF to explain how China manages its currency and whether those practices match the standards cited in the bill.

Chinese state-owned enterprises and financial institutions

Their market activity could draw more international scrutiny because the bill says indirect intervention through these entities should be part of IMF surveillance.

The U.S. representative at the IMF

This official would have a direct congressional mandate to use the U.S. voice and vote to push the bill's transparency goals.

IMF member countries and leadership

Other IMF participants would be asked to support broader surveillance of China and to weigh China's conduct more heavily in future quota and voting-share discussions.

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On the Record

What Congress Is Saying

10 legislators have weighed in on H.R. 692 — 5 Democrats, 5 Republicans.

Mr. Speaker, due to airline schedules, my flight was delayed. My vote on H.R. 692 was not recorded before time expired. Had I been present, I would have voted YEA on Roll Call No. 36.

Daniel Webster(R–FL)·Feb 11, 2025·Extensions of Remarks

H.R. 692 also appeared in 2 more House floor references, 1 in the Extensions of Remarks, and 6 routine cosponsor filings.

HR692 Legislative Journey

3 actions

Committee Action

Feb 11, 2025

Received in the Senate and Read twice and referred to the Committee on Foreign Relations.

House: Vote: 388-7

Feb 10, 2025

388-7

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). (text: CR H597)

House: Committee Action

Jan 23, 2025

Referred to the House Committee on Financial Services.

About the Sponsor

Daniel Meuser

Republican, Pennsylvania's 9th congressional district · 7 years in Congress

Committees: Small Business, Financial Services

View full profile →

Cosponsors (10)

No new cosponsors in 619 days — momentum stalled

This bill has 10 cosponsors: 2 Democrats, 8 Republicans, reflecting bipartisan support. Cosponsors represent 9 states: Georgia, Indiana, Michigan, and 6 more.

2Democrats8Republicans·9 statesBipartisan

Barry Loudermilk

Republican · GA

Susie Lee

Democrat · NV

Monica De La Cruz

Republican · TX

John Moolenaar

Republican · MI

Mark Messmer

Republican · IN

Michael Lawler

Republican · NY

Ben Cline

Republican · VA

Thomas Suozzi

Democrat · NY

Glenn Thompson

Republican · PA

Stephanie Bice

Republican · OK

Committee Sponsors

Foreign Relations Committee

10D12R

|0 signed22 not yet

0 of 22 committee members cosponsored

No committee members have cosponsored this bill

Financial Services Committee

23D30R

|3 signed50 not yet

3 of 53 committee members cosponsored

Mónica De La Cruz

Mike Lawler

Barry Loudermilk

39 Republicans across these committees haven't cosponsored yet. Mobilize their constituents

H.R. 692 Quick Facts

Cosponsors

+5 more

Committee: Foreign Relations
Chamber: House
Policy: International Affairs
Introduced: Jan 23, 2025

Passed the House, received in Senate

Feb 11, 2025

Constituent Resources

Find your legislators on H.R. 692

Get notified when this bill moves

Official Sources

H.R. 692 on Congress.gov

Official bill page with text, actions, sponsors, and status for the China Exchange Rate Transparency Act of 2025.

U.S. Treasury Office of International Affairs

The bill directs the Treasury Secretary to act through U.S. international financial diplomacy, making Treasury’s International Affairs office directly relevant.

Treasury Exchange Stabilization Fund

This Treasury page provides official background on U.S. foreign-exchange policy tools and institutional roles related to exchange-rate matters.

2022 Treasury Report Archive on Currency Practices

Treasury’s official release for the November 2022 report referenced in the bill’s findings on China’s limited transparency and intervention data.

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H.R. 692 Common Questions

Does H.R. 692 create tariffs or sanctions on China?

No. H.R. 692 does not create tariffs, sanctions, or fines. It tells U.S. officials at the IMF to push for more transparency and tougher surveillance of China's currency practices.

What would H.R. 692 actually make the U.S. do?

It would require the Treasury Secretary to direct the U.S. representative at the IMF to advocate for more disclosure and closer review of China's exchange-rate policies.

Does the bill target indirect intervention through Chinese state firms?

Yes. H.R. 692 says the IMF should look at indirect foreign-exchange intervention through Chinese financial institutions or state-owned enterprises, not just direct government action.

Why does the bill say China needs more scrutiny?

The bill quotes a 2022 Treasury report saying China provides "very limited transparency" on key parts of its exchange-rate system and is an outlier among major economies on intervention data.

Would the IMF compare China with other major reserve-currency countries?

Yes. The bill says IMF reviews should note major gaps between China's exchange-rate policies and those of other countries whose currencies help determine Special Drawing Rights.

Could this affect China's IMF voting power?

Indirectly, yes. H.R. 692 says China's conduct should get stronger consideration when IMF members review quota and voting shares, but it does not automatically change them.

When would H.R. 692 expire?

It would end 30 days after either Congress is told China is in substantial compliance with the standards named in the bill or 7 years have passed since enactment—whichever comes first.

Based on H.R. 692 bill text

H.R. 692 Bill Text

“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.”

Source: U.S. Government Publishing Office

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