The bill wants a U.S. representative to the IMF to ask China to be more open about how they control their money exchange, like making sure they're playing fair when dealing with other countries' money. It also wants to check if China is being fair with their money practices and will stop the bill in seven years unless China starts following the rules.

The "China Exchange Rate Transparency Act of 2023" is a rule that asks the U.S. to tell an important money group to ask China to be clear about how they handle their money and to check it better. If China starts following the rules or if seven years pass, the rule might end.