论国家调整汇率的权利与义务——兼论人民币汇率调整的国际法律问题

On the Rights and Obligations of State to Adjust its Exchange Rate--Also Commenting on International Legal Issues Arising from China’s Adjustment of RMB Exchange Rate

汇率是不同国家货币之间的比价,常常对他国的国际经济活动产生一定的影响,其已不单纯是一国的国内事务。习惯国际法没有发展出关于汇率问题的专门规则,由国家依国际法的一般原则处理该事务。《国际货币基金协定》建立了汇率问题的国际制度,但其规定具有明显的软法特征,实际效果有限。一般而言,汇率的调整在世贸组织的法律制度以外。货币的法定升值与贬值是汇率问题的另一方面。根据习惯国际法原则,国家在不违背《国际货币基金协定》的有关规定的情况下有独自处理这类事务的权利,但如涉及外国私人财产的损失,也会产生国际争端。人民币汇率制度的确立及其法定升值与贬值是中国主权范围内的事,此次人民币的升值是中国政府在世界经济竞争中与他国利益在政治、经济等多方面博弈的结果。

Exchange rate is a price at which one currency may be exchanged for another.It often has impacts on the other countries’international economic affairs when a country exchanges its rate of exchange.Thus,the rate of exchange isn’t pure domestic affair of a state.Customary international law has not developed special rules on the exchange rate,so it relies on the state to deal with it under the general principles of international law.The Agreement of the International Monetary Fund established the system of exchange rate,but its effect is limited by its nature of soft law.Adjusting exchange rate is generally beyond the reg-ulation of WTO regime.Currency revaluation and devaluation are the other side of exchange rate.According to the principles of customary international law,a state has the right to handle these affairs independently in consistence with the IMF Agreement.However,if loss of foreigner’s property is involved,international disputes Will arise.Establishment of exchange system of RMB and deciding its revaluation and devaluation are sovereignty of Chinese government.The recent revaluation of RMB is resulting from the game playing between Chinese government and other States with regard to political and economic interests in the context of world competition.