[Congressional Record Volume 169, Number 187 (Monday, November 13, 2023)]
[Senate]
[Page S5479]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         SUBMITTED RESOLUTIONS

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   SENATE RESOLUTION 460--SUPPORTING THE UNITED STATES DOLLAR AS THE 
 RESERVE CURRENCY OF THE WORLD AND COMBATING THE ECONOMIC INFLUENCE OF 
                     THE PEOPLE'S REPUBLIC OF CHINA

  Mr. BUDD (for himself, Mrs. Shaheen, Mr. Rubio, Ms. Klobuchar, Mr. 
Manchin, and Mr. Van Hollen) submitted the following resolution; which 
was referred to the Committee on Foreign Relations:

                              S. Res. 460

       Whereas the United States dollar serves an indispensable 
     role in global commerce and finance;
       Whereas the United States dollar represents--
       (1) a stable, rule of law-based legal system;
       (2) democratic, representative government institutions;
       (3) highly liquid and reliable capital markets;
       (4) a robust and dynamic capitalist domestic economy;
       (5) deep and extensive global trading relationships; and
       (6) a significant commitment to market-based, free-floating 
     exchange rates and independent monetary policy;
       Whereas the International Monetary Fund reports the United 
     States dollar accounted for approximately 71 percent of 
     global currency reserves in 1999 and has since declined to 
     58.88 percent in 2023;
       Whereas the People's renminbi, the official currency of the 
     People's Republic of China (commonly referred to as the 
     ``yuan''), accounted for 2.45 percent of global currency 
     reserves in the second quarter of 2023;
       Whereas the People's Republic of China appears to have 
     built substantial ``shadow reserves'' that are under the 
     control of the People's Bank of China, the central bank of 
     the People's Republic of China, but are obscured from 
     international data;
       Whereas, in the fall of 2023, the People's Republic of 
     China reportedly intervened in international currency markets 
     to support the renminbi;
       Whereas the Chinese Communist Party has disregarded the 
     Paris Club and the Organisation for Economic Co-operation and 
     Development and saddled developing countries with opaque and 
     unsustainable debt, including through the Belt and Road 
     Initiative;
       Whereas the Chinese Communist Party's refusal to disclose 
     its lending to foreign countries and reluctance to engage in 
     significant debt restructuring is undermining the missions of 
     the International Monetary Fund and the World Bank related to 
     global economic development and stability;
       Whereas the Chinese Communist Party is now the largest 
     official creditor and provider of export subsidies in the 
     world;
       Whereas the Belt and Road Initiative has led to an 
     increased reliance on capital from the People's Republic of 
     China in developing countries;
       Whereas, since 2013, the Chinese Communist Party has 
     invested more than $1,000,000,000,000 in projects under the 
     Belt and Road Initiative around the world;
       Whereas the People's Republic of China has been taking 
     aggressive steps towards developing its central bank digital 
     currency, the digital yuan;
       Whereas the People's Republic of China has worked to expand 
     the use cases of the digital yuan for the Belt and Road 
     Initiative and to settle cross-border transactions;
       Whereas Brazil and Argentina, the two largest economies in 
     South America, have taken steps to facilitate their trade 
     with the People's Republic of China using the yuan instead of 
     the United States dollar;
       Whereas the People's Republic of China has sought to 
     influence the global economy by expanding the BRICS group, 
     made up of Brazil, Russia, India, China, and South Africa, 
     and in August 2023, the BRICS group announced it was inviting 
     Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the 
     United Arab Emirates to join the group, and several members 
     of the BRICS group have supported using the group to support 
     a competitor currency to the United States dollar; and
       Whereas the efforts of the Chinese Communist Party to 
     develop a parallel financial system to rival United States-
     led institutions poses a threat to the economy and national 
     security of the United States: Now, therefore, be it
       Resolved, That it is the sense of the Senate that--
       (1) the United States must take steps to protect the United 
     States dollar as the reserve currency of the world and 
     maintain its position as a key player in the global financial 
     system;
       (2) the efforts of the Government of the People's Republic 
     of China to undermine the status of the United States dollar 
     as the reserve currency of the world must be closely 
     monitored, and appropriate measures must be taken to counter 
     those efforts;
       (3) the United States must work to strengthen its economic 
     ties with critical regions of the world to provide an 
     alternative to Chinese capital; and
       (4) the United States must continue to work with its allies 
     to promote economic policies that ensure growth and stability 
     across developing countries.

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