从IMF和WTO规定看人民币汇率

Review of the RMB Exchange Rate under IMF and WTO Rules

本文研究了相关法律文件,认为所谓中国操纵汇率、违反IMF和WTO协定的指责站不住脚。WTO规定汇率制度问题属IMF管辖,并接受其结论,同时强调多边性。中国加入世贸组织谈判中汇率制度未受质疑。并且,IMF规定,成员可自行选择浮动或者固定汇率制度,但制度应促进价格稳定。央行汇市干预,既是保持币值稳定的需要,也是维护汇率制度的要求。IMF每年对华磋商也从未批评汇率问题。最后,对中国以阻碍国际收支调整或获得所谓"不公平"竞争优势为目的而操纵汇率的责难也缺乏依据。

The paper analyzes the relevant legal documents and concludes that it is unsound to accuse China of violating the rules of the IMF and the WTO. First, the WTO acknowledges that exchange rate regime is under the jurisdiction of the IMF and will accept its conclusions. Moreover, the WTO emphasizes multilateralism. Second, the IMF accommodates both floating or fixed exchange rate regimes, provided promote price stability. Hence, central banks' for-eign exchange market interventions are both the requirement of monetary policy operation for price stability and the need for exchange rate regime. The IMF has never challenged the RMB exchange rate policies in its annual article Ⅳ consultation with China. Finally, it is presumptuous to charge China of manipulating the exchange rate in order to hinder the adjustment of the balance of payments or to achieve the unfair competitive advantage.