From The Global Financial Crisis Viewing The International Monetary System Reform And Reconstruction

The outbreak and spread of financial crisis so that we again face a long-standing problem, which is what the international monetary system in order to maintain global financial stability and promote world economic development. The history of the Gold Standard, the Bretton Woods system and the existing system of Jamaica are to solve the problem of the different institutional arrangements. However, the outbreak of the financial crisis and the deterioration show that not only this problem is far from being resolved, but also because of the inherent defects the current international monetary system intensified.The global financial crisis triggered the research on the reform of the international monetary system; the establishment of a new international monetary system become the consensus of major powers of many countries except the United States. In a new international monetary system set up process, what role China and the RMB should play in the process, how we coule gain more voice for China, are all problems to be solved. However, the current thinking on the issue carried out mostly from an economic point of view, ignored the law for the establishment of a new international monetary system and its important role. Therefore, this article from the perspective of international law within the international monetary system deficiencies, propose a new legal principle of the international monetary system requirements, and from a legal point of view to explore the prospects for China's currency legislation is very necessary.This article is divided into five chapters, first of all, the first chapter of the concept of the international monetary system and its history. It describes the history of the international gold standard, the formation and collapse of the Bretton Woods system, and their inherent defects, in addition, the contents of the existing system of Jamaica has been briefly discussed. Secondly, the second chapter introduces the only global international monetary legal system-"the International Monetary Fund Agreement". It related the content of foreign exchange management system, exchange rate, international reserves, balance of payments adjustment and analyzed the rights and obligations of Member States in the terms, as well as the legal effect of some key terms, and the responsibility of the Fund Agreement, and put forward proposals of their sound. Again, Chapterâ…¢ discusses the inherent flaws of international monetary system which the global financial crisis has shown. Discussed in depth under the existing international monetary system, the instability of diverse reserve system, floating exchange rate uncertainty, developing and developed countries, an imbalance between the rights, globalization, lack of legal regulatory regime, and crisis mitigation mechanism inadequate. After, the fourth chapter focuses on legal principles currency requirements of the new system of international and from the view of international ownership point, demonstrates possible degree of implementation of the super-sovereign international reserve currency which the central bank governor Zhou Xiao chuan made. Finally, with the current international financial situation and our national conditions, Chapter V explores the prospects for China's currency legislation. From the legal point of view, this article studies the most hot spots in the current foreign exchange control in China, what is the RMB exchange rate, RMB internationalization issues in depth.