| RMB exchange rate related legal issues have become hot in the field of trade and economy relation between U. S. A and China, and even in the field of international economy, international finance and international law since 2002. Accompanying with the global financial crisis in 2007, criticism about RMB exchange rate from Us-led western countries has made a great clamor in order to transfer their own exchange rate risk and currency risk. As a result, RMB exchange rate have become the core issues in the field international trade and finance. The drawbacks of international monetary and financial system has been exposed with the deepening of the global financial crisis, as a result, the importance of RMB exchange rate issues have been further highlighted. In the present situation, we must do some institutional classification, legal discussion and prospective outlook on the RMB exchange rate issues in order to master rights of speak in the world community. This is also the original intention which facilitates this dissertation.This article first discusses the legality of RMB exchange rate under the international law. It makes an objective evaluation to RMB exchange rate according to international rules, and then makes a summary about the current situation of RMB exchange rate according to domestic legal system. As a result, it provides suggestion to RMB exchange rate reformation in the global financial crisis background. At the same time, it provides introspection and enlightenment to RMB exchange rate reformation combining with the lesson of yen appreciation under the Plaza Accord.The first part of this article discusses the legal changes of exchange rate regime under international law. It makes a summary and institutional classification about the legal changes of exchange rate regime under international, which includes exchange rate regime under the gold standard system, gold exchange standard system, the Bretton Woods System, the transition period from Bretton Woods System to Jamaica System and Jamaica System. It makes a legal review to the legal changes of exchange rate regime under international law. As a result, it draws a conclusion that the legal attribute of current international monetary system is "the dollar standard".The second part and the third part of this article discusses the legality of RMB exchange rate under international law. It analyses rights and duties about exchange rate of a sovereign state under international law according to《the Articles of Agreement of the International Monetary Fund》and《international Monetary Fund, Bilateral Surveillance Over Members'Policies, Executive Board Decision》。It discusses the legality of RMB exchange rate from member rights and duties under the Articles of Agreement of the International Monetary Fund. As a result, it refutes the false accusation from Us-led western countries.The fourth part makes a summary and institutional classification about legal exchanges of several RMB exchange rate reformation since the foundation of People's Republic of China, which includes the period of fixed exchange rate system of official price, floating exchange rate link to a basket of currencies, dual RMB exchange rate, a unitary and well-managed floating exchange rate system based on market supply and demand, and managed floating exchange rate system based on market supply and demand reference to a basket of currencies adjust. It makes a legal review to current RMB exchange rate under domestic law based on the above discussion.The fifth part of this article discusses the Japanese stagnation which was brought about by the Plaza Accord and the experience and lessons from it. It discusses the background and main contents of the Plaza Accord and analyses the internal factors and external factors that caused the Japanese stagnation under the Plaza Accord. As a result, it provides introspection and enlightenment to RMB exchange rate reformation.The sixth part of this article discusses legal issues about RMB exchange rate reformation in the present situation. It also makes a legal analysis about the formation mechanism of RMB exchange rate, the pricing mechanism of RMB exchange rate and the fluctuation level and points out its drawbacks. As a result, it puts forward some thinking to RMB exchange rate reformation in order to solve the drawbacks of RMB exchange rate under law. |
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