S.Res. 713

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. Res. 713 Introduced in Senate (IS)]

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119th CONGRESS
2d Session
S. RES. 713

Supporting the United States dollar as the reserve currency of the 
world and combating the economic influence of the People's Republic of 
China.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

April 30, 2026

Mr. Budd (for himself and Mrs. Shaheen) submitted the following 
resolution; which was referred to the Committee on Foreign Relations

_______________________________________________________________________

RESOLUTION

Supporting the United States dollar as the reserve currency of the 
world and combating the economic influence of the People's Republic of 
China.

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 56.82 percent in the third quarter of 
2025;
Whereas the People's renminbi, the official currency of the People's Republic of 
China (PRC) (commonly referred to as the ``Chinese Yuan''), accounted 
for 1.93 percent of global currency reserves in the third quarter of 
2025;
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 the People's Republic of China maintains a non-market, fixed exchange 
rate that systemically undervalues the Chinese Yuan, contributing to 
large trade imbalances between the People's Republic of China and the 
rest of the world;
Whereas there is documented evidence that PRC banks and the People's Bank of 
China intervene in foreign exchange markets to limit appreciation of the 
Chinese Yuan to levels above the non-market-based range Chinese 
Communist Party leadership sets;
Whereas multiple organizations have estimated that the Chinese Yuan is 
persistently undervalued, including one index that claims the Chinese 
Yuan is 41 percent undervalued;
Whereas the Chinese Communist Party has disregarded the Paris Club and the 
Organisation for Economic Cooperation 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 the Belt and Road Initiative encompassed a record $213,500,000,000 in 
2025;
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 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;
Whereas Kenya and the People's Republic of China have been swapping repayment 
terms for outstanding debt from United States dollar denomination to 
Chinese Yuan denomination;
Whereas global trade denominated in the Chinese Yuan has doubled from 2 percent 
of international payments by volume in 2022 to 4 percent in 2025;
Whereas 30 percent of the People's Republic of China's trade in goods and 
services was conducted with yuan in 2025 compared to 14 percent of such 
trade in 2019;
Whereas the People's Bank of China has extended 4,500,000,000,000 Chinese Yuan 
(approximately $630,000,000,000) in swap lines to 32 separate sovereign 
central banks;
Whereas more than 1,700 banks have subscribed to the Cross-Border Interbank 
Payment System (CIPS), which is designed to be a People's Republic of 
China alternative to the Society for Worldwide Interbank Financial 
Telecommunication (SWIFT) to further insulate PRC trade from the dollar-
backed international financial system;
Whereas there are reports that Iran may allow oil cargos using the Chinese Yuan 
to pass through the Strait of Hormuz, even as it blocks other traffic;
Whereas the emergence of a separate system of global financial infrastructure 
provided by the People's Republic of China removes points of leverage 
against the People's Republic China should the PRC decide to take 
military action against Taiwan and disrupt freedom of navigation in 
important sea lanes in the Indo-Pacific;
Whereas a recently published speech given by the President of the People's 
Republic of China in 2024 establishes a policy of further 
internationalizing the Chinese Yuan and making it a ``powerful 
currency'' that could be ``widely used in international trade, 
investment and foreign exchange markets, and attain reserve currency 
status''; 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 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 PRC 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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