Schumer, Graham: After Chinese Cyber-Attack On US Government Personnel Records, The IMF Should Deny China's Effort To Make The Yuan A Reserve Currency Until They Stop Rampant Hacking And Cyber-Attacks

Press Release

Today, in response to a cyber-attack originating in China that exposed the personnel records of 4 million federal employees, U.S. Senators Charles E. Schumer and Lindsey Graham called on the International Monetary Fund (IMF) not to allow China's yuan to be designated a reserve currency until China stops their rampant cyber-attacks and refrain from manipulative currency practices. China is pushing to have the IMF vote to allow the yuan to be recognized as a global reserve currency in December of 2015. Senators Schumer and Graham wrote today to IMF Managing Director Christine Lagarde, urging the IMF not to entertain the possibility of making the yuan a global reserve currency until China abandons its hacking program.

"This recent cyber-attack is one of China's most brazen yet," said Schumer. "It is long past time for the international community to rally together and make crystal clear to the Chinese government that if they want to be treated as a leading nation on the global stage, then they need to start acting like it. Until China curtails their hacking operations, the IMF shouldn't designate the yuan as a reserve currency. We need to punish China's bad behavior, not reward it."

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