Study On The Establishment Of The Legal System Of Foreign Exchange Reserve Management And Administration In China

In recent years, rapid growth of China's foreign exchange reserves. While affirming the positive role of high foreign exchange reserves, we can not be ignored the hidden dangers that followed. Especially in the financial crisis and the depreciation of US dollar's background, growing amount of foreign exchange reserves will intensify the management difficult of national economy, and make the safety and profitability of foreign exchange reserves facing rigorous tests. Therefore, there is a need to manage the massive foreign exchange reserves effectively and to conduct this management by law. However, our current legal system involving foreign exchange reserves management and administration little, and both the principle of rule, does not have the maneuverability. Thus, improving the legal system of foreign exchange reserves management and administration is imminent.This thesis studies the management and administration of foreign exchange reserves legislation, and aim at building the legal system of foreign exchange reserve management and administration. In combination with existing research results of economics and law, the article studies the characteristics and classification, the formation mechanism, the rights and attributive of foreign exchange reserves, and then comes to the conclusion that nationals have ownership of foreign exchange reserves, the executive branch is only with management and administrative rights of foreign exchange reserves. For State monopoly management of the reserve assets vested in the people, it is necessary using law to regulate such behavior for management and administration. In china, there have long been the practice of manage foreign exchange reserves, and to build the legal system of foreign exchange reserve management and administration is the trend of the times. But after studying present laws about foreign exchange reserve management and administration, we found that the law system have many problems, such as unclear about the subject position of management, no division of powers and functions, the lack of detailed provisions about management processes and supervision and so on. The imperfections of the system led to a chain reaction that the legitimacy of management acts are be questioned, and reserve assets are be impaired because of mismanagement. On this basis, the paper analyzes the content of international legislation for foreign exchange reserves management and other legal system of foreign exchange reserves management in world. Combined with China's actual conditions, this dissertation puts forward legislative proposes: to establish legal system of foreign exchange reserve operating management with Chinese characteristics by the model of Subject- Act- Liability.