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Research On The Legal Issue Of The Formation Mechanism Of The RMB Exchange Rate

Posted on:2014-07-23Degree:MasterType:Thesis
Country:ChinaCandidate:Y ZhangFull Text:PDF
GTID:2266330422463949Subject:Economic Law
Abstract/Summary:PDF Full Text Request
With the accelerated progress of RMB exchange rate marketization in China,symbolized by the reformation of RMB rate-forming mechanism in July,2005, RMBexchange rate transit to floating exchange rate regime. RMB exchange rate is facingenormous challenge against the background of rising trade volume over the years andexpanding foreign exchange holdings by year. At present, the issue of RMB exchange ratebecomes the much-talked-about topic in Sino-American economic and trade relations aswell as in international society. The critics on the exchange rate in our country fromdeveloped countries with the United States as the majority mainly focused on below twopoints: it criticizes firstly that RMB exchange rate violated currency manipulation per IMFagreement and incurred global instability; secondly, it accuses that the undervaluedChina’s exchange rate violates WTO “countervailing agreement” and other relevantinternational obligations. Thus, this thesis mainly centers on above two concerns,justifying the reason why Chinese RMB exchange rate system complies wit h relevantinternational rules step-by-step, and also raises the countermeasures of how to perfectingthe RMB rate-forming mechanism in the changing economic situation.Except introduction part, this thesis mainly divides into five parts: the introduction ofexchange rate forming from the layer of domestic and international law in the first part,the second part is to demonstrate the complexity and tough process of reformation onexchange rate-forming mechanism in transition. The third and the fourth part mainly arereasoning from internal law that China’s exchange rate formation mechanism is inconsistent with international law. Based on the summary of problems in presentrate-forming mechanism, in the last part, the author is trying to make out a way of how toperfect the exchange rate-forming mechanism further in future.
Keywords/Search Tags:RMB exchange rate, currency manipulation, Subsidies, legal countermeasures
PDF Full Text Request
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