; (5) the status of efforts to assess or develop an official United States digital currency by the Board of Governors of the Federal Reserve System; and (6) any implications for the strategy established by the Secretary pursuant to subsection (a) arising from the relative state of development of an official digital currency by the United States and other nations, including the People’s Republic of China. (d) Renminbi assessment The report described in subsection (c) shall— (1) evaluate the role of the renminbi in international payments and foreign exchange reserves; (2) assess currency-related policies in China, including— (A) the provision of Chinese government-backed assets; (B) the extension of credit abroad by the Chinese government; and (C) the development of cross-border payment systems as tools to advance strategic objectives of the Government of the People’s Republic of China; and (3) recommend policy options aimed at mitigating medium-term and long-term risks to the national interest of the United States that may arise as a result of the internationalization of the renminbi. (e) Annual updates After submitting an initial report in accordance with subsection (c), the Secretary shall submit, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, an updated version of such report each year. 4. Sunset Section 3 shall have no force or effect after the date that is 7 years after the date of the enactment of this Act.