Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, today, I rise in support of the Chinese Currency Accountability Act sponsored by the gentleman from Ohio (Mr. Davidson). In 2016, the International Monetary Fund included the Chinese renminbi, RMB, in the currency basket that determines the value and interest rate for Special Drawing Rights, known as SDRs. SDRs are both reserve assets and an accounting unit for the IMF, so they play a central role in the Fund's lending throughout the world. It was premature for the Fund to let the RMB influence the SDR, whose value had previously been determined only by the dollar, euro, yen, and pound. The PRC has failed to make the serious reforms that would justify labeling the RMB a major currency. In addition, the People's Bank of China was and remains a tool of the Chinese Communist Party, not an independent central bank. The Treasury Department knows this all too well. Every year, it reports to Congress that China's currency management is so opaque that it is difficult for the outside world to even understand Beijing's policy toward the RMB. In addition, Beijing's lending policies abroad, including through the Belt and Road Initiative, have saddled developing countries with so much debt that the IMF faces difficulties designing rescue programs. It is difficult to know how much debt these countries are in.…”