Washington, D.C., June 24, 2025 — Senators Dave McCormick (R-PA) and Catherine Cortez Masto (D-NV) today introduced the China Exchange Rate Transparency (CERT) Act, which would advocate for enhanced transparency in China’s exchange rate arrangements at the International Monetary Fund (IMF).
“China’s currency manipulation and secrecy are further examples of the CCP putting American businesses at a disadvantage in the global economy,” Senator McCormick said. “We need more transparency and stricter oversight of China’s economic commitments. That’s why I’m proud to partner with Senator Cortez Masto and fellow Pennsylvanian Rep. Dan Meuser on this legislation to stand up to China’s economic malpractice.”
“As we work and trade with countries all around the world, it’s critical that every nation follows the same rules that make our global system fair,” said Senator Cortez Masto. “I will continue to push for Communist China to be held accountable for unfair trade practices, like currency manipulation, which take advantage of the rest of the world.”
Under Article IV of the Articles of Agreement of the International Monetary Fund, the People’s Republic of China (PRC) has committed to orderly exchange rate arrangements, the avoidance of exchange rate manipulation, and cooperation with the Fund to ensure ‘‘firm surveillance’’ of PRC exchange rate policies. However, according to the Department of the Treasury’s recent report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States, “China stands out among our major trading partners in its lack of transparency around its exchange rate policies and practices.” This activity “raises serious concerns about China’s commitment to transparency at a time where China’s rising external imbalances are creating significant spillovers to the rest of the world.”
This bill would direct the U.S. Executive Director at the IMF to advocate for enhanced transparency in China’s exchange rate arrangements. The bill also calls for stricter IMF oversight of China’s compliance with its commitments under the IMF’s Articles of Agreement, including orderly exchange rate arrangements and the avoidance of manipulation.
This is the Senate companion to H.R. 692, which was introduced by Rep. Dan Meuser (R-PA).
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