On the recordNovember 8, 2023
Their response to this amendment is at first, it is unnecessary as the IMF executive board will not review the SDR basket during this U.S. fiscal year, so this will not have an impact on this fiscal year. Moreover, Treasury says while we agree with the goal of this amendment to limit the internationalization of the RMB, we believe that it is important to retain some flexibility over the composition of the SDR basket so that we can incentivize China to improve its behavior in the international monetary system, including with respect to its foreign exchange practices. Treasury then says we will continue to urge the IMF to push countries with SDR basket currencies to adhere to the highest levels of transparency and to correct deficiencies or inaccuracies in their reported data. Essentially, they believe, A, it is unnecessary at this time; and, B, that it will not be considered during this fiscal year. Therefore, I oppose the amendment. I reserve the balance of my time.
