国际法视角下的人民币汇率的法律问题研究
发布时间：2018-11-17 09:45
【摘要】：汇率问题不仅仅是一个纯粹的金融问题，还牵涉到一国的政治、经贸、甚至是社会等领域，是一个极度敏感而复杂的问题，由于全球贸易失衡不可能在短期内轻易解决，因此，，有关国家与我国在人民币汇率问题上的摩擦将是长期的，人民币汇率将伴随中国经济发展的整个过程构成中西方长期争执的问题，因而也是我国当前面临的重大法律课题之一。自2002年以来，人民币汇率问题就成为国际社会的热点之一，尽管自2005年7月的人民币汇率机制改革——实行“以市场供求为基础，参考一篮子货币、有管理的浮动汇率制”以来人民币市场化程度的加深以及人民币的不断升值而暂时得到缓解。但随着2008年由美国次贷危机引发的全球金融危机的爆发，西方国家对人民币汇率的指责又迅速升温。在法律层面上主要是围绕两条主线对人民币汇率进行指控：一是指责中国政府人为地过于低估人民币汇率，操纵外汇市场，违反了IMF第四条项下的“避免操纵汇率”的国际法义务；二是指责人民币汇率低估相当于对中国的出口产品提供变相补贴，违反了WTO《反补贴协定》的相关国际法义务。 在西方国家对人民币升值的强大压力之下，人民币在经历了固定汇率制、双重汇率制、单一的、有管理的浮动汇率制和一篮子有管理的浮动汇率制之后，为促使人民币汇率机制不断市场化和自由化又引入了一系列汇率改革措施。诚然,浮动汇率制在某种程度上要优于固定汇率制，但它需要更为严格和高标准的实施条件——完善的国内经济体制和成熟的外汇市场。人民币兑美元的汇率自1994年取消双重汇率制以来长期保持在8.28-8.4之间，2005年汇改之后持续升值，至2013年底，人民币对美元累积升值35%，但人民币仍然具有长期的升值压力。 本文针对西方国家对人民币的主要指控，以国际货币基金组织协定和世界贸易组织的相关规定为主线，由国际汇率体系和我国汇率制度的发展沿革、近年来有关于人民币汇率的国际法指控引出人民币汇率争端的国际法问题，通过论述国家货币主权及其限制问题、IMF与WTO在人民币汇率争端的管辖权归属问题、人民币汇率在IMF与WTO框架下的合法性问题、美国财政部的认定报告及IMF的磋商报告，得出人民币汇率安排并不违背相关的国际法义务，从而为人民币汇率的合法性提供充分的法律依据、探求更加市场化和自由化的人民币汇率机制、并为完善人民币汇率制度提供可行性建议。
[Abstract]:The exchange rate problem is not only a purely financial issue, but also involves a country's political, economic and trade, even social and other fields. It is an extremely sensitive and complex issue. Since the global trade imbalance cannot be easily solved in the short term, therefore, The friction between China and other countries on the issue of RMB exchange rate will be for a long time, and the RMB exchange rate will accompany the whole process of China's economic development, which will constitute a long-standing dispute between China and the West, and therefore is one of the major legal issues facing China at present. Since 2002, the issue of RMB exchange rate has become one of the hot spots in the international community, although since July 2005, the reform of RMB exchange rate mechanism has been implemented "based on the supply and demand of the market, referring to a basket of currencies," Managed floating exchange rate system "since the deepening of the degree of marketization of the renminbi and the continuous appreciation of the yuan has been temporarily eased." But with the outbreak of the global financial crisis triggered by the U.S. subprime mortgage crisis in 2008, Western criticism of the yuan's exchange rate has picked up rapidly. At the legal level, there are mainly two main lines of charge against the RMB exchange rate: one is to accuse the Chinese government of artificially underestimating the RMB exchange rate and manipulating the foreign exchange market. In violation of the obligations of international law under Article IV of the IMF to "avoid manipulation of exchange rates"; Second, accusing the yuan of undervaluation amounts to a disguised subsidy to China's exports, in violation of the WTO's international obligations under the countervailing Agreement. Under the strong pressure of the western countries on the appreciation of the RMB, the RMB has experienced a fixed exchange rate system, a dual exchange rate system, a single, managed floating exchange rate system and a basket of managed floating exchange rate systems. A series of exchange rate reform measures were introduced to promote the marketization and liberalization of RMB exchange rate mechanism. To be sure, floating exchange rate system is better than fixed exchange rate system to some extent, but it needs more strict and high standard implementation conditions-perfect domestic economic system and mature foreign exchange market. The exchange rate of the RMB against the US dollar has been in the range of 8.28-8.4 since the abolition of the dual exchange rate system in 1994. After the exchange rate reform in 2005, the RMB continued to appreciate, and by the end of 2013, the RMB had a cumulative appreciation of 35% against the US dollar. But the yuan still has a long-term appreciation pressure. In view of the main accusations made by western countries against the RMB, this paper takes the International Monetary Fund Agreement and the relevant provisions of the World Trade Organization as the main lines, from the development of the international exchange rate system and the exchange rate regime of our country. In recent years, there have been allegations of RMB exchange rate in international law that lead to the issue of international law in RMB exchange rate dispute. By discussing the sovereignty of national currency and its limitation, the jurisdiction of IMF and WTO in RMB exchange rate dispute is discussed. The legitimacy of the RMB exchange rate under the framework of IMF and WTO, the US Treasury's confirmation report and the IMF's consultation report show that the RMB exchange rate arrangement does not violate relevant international law obligations. Therefore, it can provide sufficient legal basis for the legality of RMB exchange rate, explore a more market-oriented and liberalized RMB exchange rate mechanism, and provide feasible suggestions for perfecting the RMB exchange rate system.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D996.2
本文编号：2337340
[Abstract]:The exchange rate problem is not only a purely financial issue, but also involves a country's political, economic and trade, even social and other fields. It is an extremely sensitive and complex issue. Since the global trade imbalance cannot be easily solved in the short term, therefore, The friction between China and other countries on the issue of RMB exchange rate will be for a long time, and the RMB exchange rate will accompany the whole process of China's economic development, which will constitute a long-standing dispute between China and the West, and therefore is one of the major legal issues facing China at present. Since 2002, the issue of RMB exchange rate has become one of the hot spots in the international community, although since July 2005, the reform of RMB exchange rate mechanism has been implemented "based on the supply and demand of the market, referring to a basket of currencies," Managed floating exchange rate system "since the deepening of the degree of marketization of the renminbi and the continuous appreciation of the yuan has been temporarily eased." But with the outbreak of the global financial crisis triggered by the U.S. subprime mortgage crisis in 2008, Western criticism of the yuan's exchange rate has picked up rapidly. At the legal level, there are mainly two main lines of charge against the RMB exchange rate: one is to accuse the Chinese government of artificially underestimating the RMB exchange rate and manipulating the foreign exchange market. In violation of the obligations of international law under Article IV of the IMF to "avoid manipulation of exchange rates"; Second, accusing the yuan of undervaluation amounts to a disguised subsidy to China's exports, in violation of the WTO's international obligations under the countervailing Agreement. Under the strong pressure of the western countries on the appreciation of the RMB, the RMB has experienced a fixed exchange rate system, a dual exchange rate system, a single, managed floating exchange rate system and a basket of managed floating exchange rate systems. A series of exchange rate reform measures were introduced to promote the marketization and liberalization of RMB exchange rate mechanism. To be sure, floating exchange rate system is better than fixed exchange rate system to some extent, but it needs more strict and high standard implementation conditions-perfect domestic economic system and mature foreign exchange market. The exchange rate of the RMB against the US dollar has been in the range of 8.28-8.4 since the abolition of the dual exchange rate system in 1994. After the exchange rate reform in 2005, the RMB continued to appreciate, and by the end of 2013, the RMB had a cumulative appreciation of 35% against the US dollar. But the yuan still has a long-term appreciation pressure. In view of the main accusations made by western countries against the RMB, this paper takes the International Monetary Fund Agreement and the relevant provisions of the World Trade Organization as the main lines, from the development of the international exchange rate system and the exchange rate regime of our country. In recent years, there have been allegations of RMB exchange rate in international law that lead to the issue of international law in RMB exchange rate dispute. By discussing the sovereignty of national currency and its limitation, the jurisdiction of IMF and WTO in RMB exchange rate dispute is discussed. The legitimacy of the RMB exchange rate under the framework of IMF and WTO, the US Treasury's confirmation report and the IMF's consultation report show that the RMB exchange rate arrangement does not violate relevant international law obligations. Therefore, it can provide sufficient legal basis for the legality of RMB exchange rate, explore a more market-oriented and liberalized RMB exchange rate mechanism, and provide feasible suggestions for perfecting the RMB exchange rate system.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：D996.2
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