China Exchange Rate Transparency Act of 2025

Floor Speech

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Mr. MEUSER. Mr. Speaker, I thank my very good friend, Chairman Hill, for his leadership.

Mr. Speaker, I rise in support of my legislation, the China Exchange Rate Transparency Act, H.R. 692, a bipartisan bill supported by my colleagues on both sides of the aisle.

This legislation directly confronts the People's Republic of China's very nebulous, opaque, and often manipulative practices in foreign exchange markets, including their policy of intentionally depreciating their own currency, which undercuts the competitiveness of U.S. exports in a random manner that is targeted based upon products in particular industries.

By mandating the U.S. Executive Director at the International Monetary Fund to use the voice and vote of the United States to advocate for increased exchange rate transparency from China, we are not just advocating for fairness; we are fighting for the integrity of the global economy in line with our own international trade goals. It is very reasonable.

During Treasury Secretary Bessent's nomination hearing, he explained that the United States can leverage foreign exchange rates to make U.S. exports more competitive; however, achieving this will require every country to abide by the same exchange rate standards. It is time we, in fact, confront China's persistent gaming of international norms. They have been playing by their own rules for too long, and it is detrimental to global economic fairness and stability.

This legislation is not about singling out China; it is about ensuring that all IMF members, including China, adhere to the rules they agreed to. China promised to maintain orderly exchange rate arrangements without manipulation. It is our job to hold them to that promise to ensure they do not continue to exploit the system to their advantage.

We are taking a firm no-nonsense approach to a complex issue, emphasizing our commitment to fair trade and a transparent economic system.

I strongly urge my colleagues to support the China Exchange Rate Transparency Act, H.R. 692, which did pass overwhelmingly last Congress by a vote of 379-1.

This legislation is a stand for accountability in international finance, fair trade practices, and the stability of a global economy.

It is very important, and now with the Secretary of the Treasury, Scott Bessent, this will be an added tool for somebody strong and tough like he to utilize to create this economic trade stability and fairness, particularly with China.

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