【作者】 管荣；

【导师】 曹建明；

【作者基本信息】 华东政法大学 ， 国际法学， 2009， 博士

【摘要】 在金融全球化深入发展的条件下,世界各国经济金融关系日益紧密,但金融全球化“双刃剑”的效用也越发明显。进入二十一世纪以来,全球经济失衡现象开始逐渐恶化,由2007年美国次贷危机引发的国际金融危机愈演愈烈,使世界经济遭受了前所未有的打击。在此背景下,中国的外汇体制改革也面临着前所未有的挑战:一方面,随着各种形式的保护主义政策和言论在西方主要发达国家重新抬头并蔓延,围绕中国外汇体制国际合法性问题所进行的讨论和指控,使我国面临着巨大的国际压力;另一方面,在当前国际货币体系对储备货币发行国缺乏有效约束的背景下,主要储备货币发行国为刺激国内经济发展而滥发货币,使得管理本国外汇储备、保障外汇储备安全成为众多新兴市场国家外汇体制改革的新课题。本文将重点对我国外汇体制及其改革的国际合法性问题进行探讨,以客观评价我国外汇体制的主要方面与相关国际规则的契合程度,并从有关国际法规则(包括正在形成国际法规则的立法趋势)出发,对金融全球化、国际金融危机背景下我国外汇体制改革的各个主要方面以及外部法律环境的创造提出了自己的建议。本文共24万字左右,由以下七章构成:第一章探讨了金融全球化背景下中国外汇体制改革的法律动因。第一节分析了金融全球化的主要表现形式以及其与国际金融危机之间的联系,指出当前我们所面临的国际金融危机,其实是金融全球化的一个副产品,在一定程度上具有必然性。第二节具体分析了金融全球化背景下各国外汇管制权利、汇率主权等方面的货币主权所受到的冲击和影响,并在此基础上提出,在金融全球化背景下提高我国货币政策的独立性、维护我国的货币主权,是进一步深化我国外汇体制改革的内在法律动因。第三节首先回顾了上世纪90年代以来我国外汇体制市场化改革的进程,并简要梳理了我国外汇体制近年来所遭受的主要国际法压力,归纳出我国外汇体制在国际法层面主要面临着IMF法律规则(尤其是其中的汇率操纵规则、资本项目开放规则和主权财富基金规则)以及WTO法律规则(尤其是其中的反补贴规则)的双重挑战,并由此提出,外汇体制各方面所面临的国际法压力构成了我国外汇体制改革的外在法律动因。第二章探讨了国际汇率争端的管辖权问题。国内外学者对于由哪一个(或哪几个)国际组织可作为裁决人民币汇率争端的适格主体尚存在较大争议,因此有必要在进入实体问题研究之前,对国际汇率争端的国际法管辖问题进行专门探讨。第一节从分析成员国在IMF框架下的实体性汇率义务和程序性汇率义务出发,揭示了IMF对国际汇率争端的管辖权,并进一步指出IMF作为国际汇率争端解决场所的局限性。第二节首先针对国内学者在WTO对人民币汇率争端是否具有管辖权这一问题上的不同观点进行了评述,并从分析WTO争端解决机制的一般管辖权和GATT第15条出发,提出由于人民币汇率问题可能造成贸易效果,WTO争端解决机构有可能将人民币汇率机制解释为“与贸易有关的外汇措施”从而对与人民币汇率争端行使管辖权。第三节分析了IMF与WTO在汇率管辖问题上的分工与合作关系,并从这种分工与合作关系出发,探讨了我国在遭遇与人民币有关的WTO诉讼时所应采取的抗辩思路。第三章探讨了WTO框架下人民币汇率形成机制的法律问题。在从WTO法律角度针对人民币汇率机制所提出的众多国际法指责中,最主要的争议点就是“汇率补贴”问题。因此,第一节首先对这一问题作出回应,通过研究SCM协定下禁止补贴的构成要件以及相关WTO争端解决实践,得出结论认为指控人民币汇率制度构成禁止性补贴的主张很难令人信服。除了汇率补贴问题外,西方国家有关机构还试图从最惠国待遇、国民待遇、数量限制或“非违法之诉”等其他角度证明中国的汇率机制在WTO下的非法性。第二节就针对这些主要指控进行了逐一分析,得出结论认为这些指控都无法自圆其说。第三节结合相关WTO规则,分析了西方国家针对人民币汇率所拟采取的单方贸易限制性措施在WTO框架下的非法性,并进一步提出,一旦中国遭受到某些国家针对人民币汇率所采取的贸易限制措施,中国可以考虑在WTO体系下向有关其他成员方提起申诉,以维护我国的合法权益。第四章探讨了IMF框架下人民币汇率形成机制的法律问题。第一节首先对IMF框架下汇率监督机制的演变进行了回顾和法律评述,并在分析IMF颁布的2007年汇率监督新决定的出台背景以及其对旧汇率监督决定所进行的主要修改基础上,重点分析了该决定的法律缺陷。第二节首先澄清了IMF所禁止的汇率操纵(即狭义的汇率操纵)的构成要件,对汇率操纵构成要件与汇率检测指标进行了明确区分,并得出结论,判断人民币汇率机制是否构成汇率操纵的关键点不在于人民币是否存在低估或存在“根本性失调”,而在于我国汇率政策的制定是否存在IMF所明确禁止的主观目的。在考察中国自上世纪90年代以来制定汇率政策所依据的宏观经济背景基础上,本文的结论是我国应有较充分的理由证明我国的汇率政策没有构成IMF协定下所禁止的汇率操纵。第二节还进一步研究了违反IMF汇率指导原则与违反IMF法律义务的区别和联系,并结合当前IMF的关注焦点已经从全球经济失衡转移到国际金融危机的实际情况,提出通过加强与IMF的对话和磋商,我国被IMF认定为违反IMF法律义务的可能性非常小。第三节在前文对IMF汇率监管机制进行充分研究的基础上,从国际金融危机的视角对人民币汇率机制改革的长期方向和短期目标提出了建议,认为在当前经济形势下,人民币汇率机制应以稳定为主,既不应该持续大幅度升值,也不应该出现大幅度的贬值。第五章探讨了资本项目开放的法律问题。第一节分别从IMF法律体系和WTO法律体系两方面分析了与资本项目开放有关的国际法律义务,并通过考察我国资本项目开放和金融业对外开放的现状,得出我国资本项目开放进程不违反相关国际法律义务的结论;在此基础上,该节对国际金融危机背景下中国资本项目开放的步骤提出了建议。第二节介绍了近年来我国资本项目开放进程中的主要法律尝试,着重介绍了我国资本项目开放的主要阶段性步骤——即合格境外机构投资者(QFII)制度与合格境内机构投资者(QDII)制度的法律制度,并对“港股直通车”的试点以及《外汇管理条例》的修改进行了评析,在此基础上对我国资本项目管理的法律完善提出了建议。第六章探讨了主权财富基金的国际法律问题。第一节考察了晚近新兴市场国家和石油国家外汇储备管理方式的变革与主权财富基金的发展历程,结合有关国际法律规则和主流学术观点分析了主权财富基金的定义和分类,并梳理了中国主权财富基金的发展及其对我国外汇体制改革的重大意义,提示了国际金融危机背景下我国主权财富基金所面临的风险。第二节全面研究了主权财富基金的国际法律规范。由于主权财富基金在国际法律调整方面所特有的综合属性,导致围绕主权财富基金所进行的国际立法异常复杂。在多边法律规范方面,这一节中着重介绍了当前国际社会在主权财富基金立法场所和立法内容等方面的主要争议,并进一步从主权财富基金行为准则和接受国行为准则两方面介绍了相关多边法律规范(或立法建议)的主要内容;在单边法律规范方面,这一节介绍了美国、欧盟等国家或地区所制定的与主权财富基金有关的单边立法。在这些立法成果和立法动态基础上,结合国际金融危机对主权财富基金国际立法的影响,本文对中国应对主权财富基金国际法律规范、参与相关国际立法的战略方针提出了相关建议。第三节重点考察了主权财富基金行为准则的相关最新国际立法,并从这些行为准则出发提出了发展我国主权财富基金的法律对策。第七章探讨了金融全球化与我国外汇体制改革的外部法律环境。我国外汇体制改革所面临的国际法压力,很大一部分是根源于不合理的国际货币秩序。此外,在当前我们所面临的国际性金融危机面前,国际货币体系的变革已经形成了必然的趋势。为了更好地行使我国的货币主权,自主独立地推进外汇体制改革,我国应积极参与并推进国际货币法律体系的改革,从而在长远上为我国外汇体制改革创造一个良好的国际法律环境。第一节在回顾国际货币体系发展历程及介绍现行国际货币体系法律框架的基础上,总结了当前国际货币体系的主要法律缺陷,特别揭示了当前国际货币体系的各种弊端与国际金融危机的内在联系。第二节提出,当前的国际金融危机为改革不合理的现行国际货币体系提供了良好的机遇,并从基本原则、机构治理、国际货币体系多元化等方面对改革国际货币体系提出了相关建议,以期待通过改革现行国际货币体系而为我国外汇体制改革创造一个良好的外部法律环境。更多还原

【Abstract】 Given the advanced development of financial globalization, all nations worldwide are increasingly interconnected both economically and financially. However, it’s also increasingly evident that the financial globalization is a“double-edged sward”. Since the advent of the 21st century, the global imbalance has gradually worsened. Notably, the global financial crisis triggered by the sub-prime mortgage crisis in the U.S. in 2007 is evolving into a deeper crisis. Against this background, the reform of China’s foreign exchange system is facing a unprecedented challenge. On one hand, with the emergence and spread of all kinds of protectionist policies and opinions in major western developed countries, the discussion and allegation surrounding the international legality of China’s foreign exchange system impose great international pressure on our nation. On the other hand, given the lack of effective restraint the current international monetary system has on issuing countries of reserve currencies, these issuing countries excessively issue currencies in order to spur their domestic economic growth, which makes management and safeguard of the national foreign currency reserves a new topic for foreign exchange system reform among many emerging market countries.This article mainly explores the international legality of our nation’s foreign exchange system and the reform thereof so as to objectively evaluation the conformity level of major aspects of our nation’s foreign exchange system with international rules. The author also proposes his suggestions on the major aspects of our nation’s foreign exchange reform and creation of external legal framework against the background of financial globalization and international financial crisis from the perspective of relevant international laws (including the trend of law-making for international laws currently under drafting). This article consists of 240,000 words in total and the following chapters:Chapter One discusses the legislative driving force behind China’s reform on its foreign exchange system in the financial globalization. Section I analyzes the forms of financial globalization and its connections with international financial crisis. It’s pointed out that the current international financial crisis we face is actually a byproduct of the financial globalization and there is certain causation between the two. Section II analyzes the impact and influence on the rights of all nations to regulate foreign exchange, the sovereignty over foreign exchange rate, and other aspects of the currency sovereignty. Building on this analysis, the author submits that to increase the independence of our nation’s foreign exchange policy and maintain our country’s currency sovereignty in the financial globalization are the internal legislative driving force behind deepening our country’s foreign exchange reform. Section III first reviews the progress of market-oriented reform of our country’s foreign exchange system since 1990’s and briefly summarizes the main pressures of international laws our country’s foreign exchange system felt in recently years. It concludes that our country’s foreign exchange system faces the duel challenges of IMF rules (especially the rules on currency manipulation, open-up capital items, and sovereign wealth fund) and WTO rules (especially the anti-subsidy rules) on the plane of international law. It then proposes that the international law pressure on all aspects of foreign exchange system constitutes the external legislative driving force behind the reform of our country’s foreign exchange system.Chapter Two explores the jurisdiction over international disputes on currency exchange rates. There is great controversy among domestic and foreign scholars over which international organization or organizations have competent jurisdiction over disputes on Renminbi exchange rates. Therefore, it’s necessary to specifically discuss the jurisdiction over international disputes on currency exchange rates under international laws before the exploration on merit issues. Section I demonstrates IMF’s jurisdiction over international disputes on currency exchange rates from the perspective of member nations’substantive and procedural obligations on exchange rates within the IMF framework. The author further pointed out the limitations of IMF as the venue for resolving international disputes on currency exchange rates. Section II first comments on the different views held by domestic scholars regarding whether WTO has jurisdiction over international disputes on currency exchange rates. It further lays out the Renminbi exchange rate’s potential effect on trade by analyzing the general jurisdiction of WTO’s dispute resolution mechanism and Article 15 of GATT. It is concluded that WTO’s dispute settlement body may interpret Renminbi’s exchange rate mechanism as“trade-related foreign exchange measures”and so exercise its jurisdiction over disputes on Renminbi exchange rate. Section III discusses the division of competencies and collaboration on jurisdiction over disputes on exchange rates and explores our country’s defense theory in a WTO dispute related to Renminbi.Chapter Three explores the legal issues on Renminbi exchange rate’s formation mechanism within the WTO framework. Among the many international law allegations against Renminbi exchange rate mechanism from a WTO rules perspective, the most controversial is the“foreign exchange subsidy issue.”Therefore, Section I responds to this issue and concludes that the claim that Renminbi exchange rate constitutes prohibited subsidies is not persuasive after exploring the tests of prohibited subsidies under the SCM treaty and the practice of WTO dispute resolution. In addition to the prohibited subsidies, western countries try to demonstrate the illegality of China’s foreign exchange mechanism under WTO from the perspectives of most favor nation treatment, national treatment, quantity control, non-violation complaints or other aspects. Section II analyzes each of these major claims and concludes that all these claims fail to justify themselves. Section III, by applying the WTO rules, analyzes the illegality under WTO framework of unilateral trade restriction western countries intend to impose against Renminbi exchange rate. It’s further pointed out that once China encounters trade restriction measures adopted by certain countries against Renminbi exchange rate, China can contemplate to make a claim against the relevant WTO member nations to defend our country’s legitimate rights in the WTO system.Chapter Four discusses the legal issues for Renminbi exchange rate’s formation mechanism under the IMF framework. Section I firstly reviews the evolution of the mechanism of surveillance over exchange rate policies and makes comments on this from a legal point of view. It then mainly discusses the legal defects of IMF’s 2007 new decisions on surveillance over exchange rate policies after analyzing the background of the decisions’promulgation and the major revisions on the original decisions on surveillance over exchange rate policies. Section II first clarifies the tests for“currency manipulation”prohibited by IMF (i.e. the special currency manipulation) and distinguishes between the tests for currency manipulation and the measurement index for exchange rate. It concludes that the key in determining whether the Renminbi exchange rate mechanism constitutes currency manipulation resides not in whether Renminbi is under evaluated or has fundamental misalignment but instead in whether there exist intents prohibited by IMF in our country’s formulation of its exchange rate policies. After studying the macro economic background based on which our country formulated the exchange rate policies since 1990’s, it concludes that our country has fairly adequate argument to prove that our exchange rate policies do not constitute currency manipulation prohibited by IMF agreement. Section II further elaborates on the differences and connections between the violation of IMF’s exchange rate guiding principles and the violation of IMF’s legal obligations. It then proposes that the possibility that IMF deems our country as violating IMF’s legal obligations is very small if we can strengthen the dialogue and consultation with IMF, given IMF’s shift of focus from global imbalance to global financial crisis. Section III, building on the foregoing elaboration on IMF’s mechanism of surveillance over exchange rate policies, proposes the short-term and long-term goals for Renminbi’s exchange rate mechanism from the perspective of global financial crisis. It’s concluded that in the current economic situation, Renminbi’s exchange rate mechanism should be stable at its core without appreciation of depreciation by a large margin.Chapter Five discusses the legal issues on the open-up of capital items. Section I analyzes the international obligations for the open-up of capital items within the IMF and WTO legal frameworks respectively. It concludes that the progress of our country’s open-up of capital items does not violate international obligations after studying the status quo of our country’s open-up of capital items and financial industry and further proposes some suggestions on the steps for China’s to open up of capital items and the improvement of relevant systems in the global financial crisis. Section II introduces the major legal experiments in the progress of our country’s open-up of capital items in recent years, with focus on such milestones in our country’s open-up of capital items as the qualified foreign institutional investor (QFII) system and the qualified domestic institutional investor (QDII) system. It also makes legal comments on the experiment of“Hong Kong Shares Express”and recent amendments to Foreign Exchange Regulations. After that, it proposes suggestions on how to improve the regulations of capital items.Chapter Six discusses the international legal issues for sovereign wealth funds. Section I surveys the reforms of the management of foreign exchange reserve by recent emerging market countries and petroleum exporting countries and the evolution history of sovereign wealth funds. It analyzes the definition and classification of sovereign wealth funds by applying relevant international rules and mainstream academic views. It then clarifies the development of Chinese sovereign wealth funds and its importance for our country’s foreign exchange system reform. It then points out the risks faced by our country’s sovereign wealth funds. Section II explores the international rules bearing on sovereign wealth funds. Due to the integrated idiosyncrasies of international laws’application to sovereign wealth funds, the international laws on sovereign wealth funds are extremely complex. With respect to multilateral rules, this section mainly introduces the major controversies in the international community on the law-making venue and substance of international laws for sovereign wealth funds. It then introduces the thrust of relevant multilateral rules or legislative proposals with respect to the codes of conduct for sovereign wealth funds and the receiving countries. Regarding unilateral legislations, this section introduces the legislations by the U.S and European Union related to sovereign wealth funds. Based on these results and dynamics of legislations, this article proposes relevant suggestions for China to respond to the international rules on sovereign wealth funds and the strategies for China’s participation in the drafting of international laws in view of the impact of the international financial crisis on the international law-making for sovereign wealth funds. Section III mainly surveys the codes of conduct of sovereign wealth funds and the latest relevant international laws. Based on such codes of conduct, this section then proposes the legal actions in developing our countries’sovereign wealth funds.Chapter Seven discusses the financial globalization and the external environment of our country’s reform on its foreign exchange system. A major part of the international law pressure encountered by our country’s reform on its foreign exchange system is rooted in the unreasonable international monetary order. In addition, in the face of international financial crisis, the reform of international monetary system has become an inevitable trend. In order to better exercise our country’s currency sovereignty and independently reform our foreign exchange system, our country should actively participate in and push forward the reform of the international monetary system so as to create an amicable international environment for our reform on foreign exchange system in the long term. Section I summarizes the main legal defects in the current international monetary system, especially the shortcomings of the current international monetary system and its inherent connection with the international financial crisis, after a review of the evolutionary history of the international monetary system and the legal framework of the current international monetary system. Section II points out that the international financial crisis has provided a good opportunity to reform the current unreasonable international monetary system. It also proposes suggestions relevant to this reform from the perspectives of basic principles, the institutional governance, the pluralism of international monetary system, and so on and anticipates that this reform can bring an amicable international environment for our reform on foreign exchange system.更多还原