国际投资协定中外汇转移条款研究

A Study on the Transfer Clause in IIAs

外汇转移条款目前呈现出两种趋势：一种以欧盟为代表规定原则自由，同时附加例外条款，赋予东道国在经济危机时一定的政策选择空间；另一种是赋予投资者完全的自由转移的权利，以美国的双边投资协定为代表。但是在多边的自由贸易协定中，为平衡不同国家的立场，规定了外汇转移例外。

when concluding BITs, countries hold transfer clause, namely, pnncipally free with mainly two different to the exceptions under certain circumstances, which is represented by EU , and fully free without any exceptions, which is represented by U.S.However, FTAs usually provide some exceptions against transfer clause purporting to harmonize the varied positions, which reflects the efforts to balance the diversified interests of host state and investor.