| Dispute over Sino-US exchange rate has been existing for a long time, especially after China’s joining the WTO in2001, and with growth of China’s favorable trade balance to the United States year by year, as well as the increasing foreign exchange reserves, the competitiveness of Chinese products in the United States market has been strengthened, and the legal action of United States towards China’s RMB exchange rate has increased, the trend of which is growing. Under this circumstance, in order to easily respond to the charges of the United States, it has become very urgent and important to illustrate and analyze the legal problems concerning dispute over Sino-US exchange rate.Through literature analysis, comparative study, jurisprudence analysis, the author studies the exchange rate charges in dispute of Sino-US exchange rate and the jurisdiction of this problem. Hopefully, this research can provide enough theoretical basis and legal support for our country in the treatment of exchange rate dispute.In this paper, the author classifies the US charges into two parts, firstly, the charge about the RMB exchange rate manipulation or fundamental exchange rate misalignment by China is considered as the charge put forward according to the relevant laws of international currency; secondly, the charge about the RMB exchange rate dumping or exchange rate subsidy by China is considered as the charge put forward according to the relevant laws of international trade. By studying the relationship between these two kinds of charges, it is found that the former lays the foundation for the latter. Through analyzing the legal basis of US’s charges, the author proves that China doesn’t have the purpose factor for exchange rate manipulation, and there is no definite measurement standard for the fundamental exchange rate misalignment, finally it is concluded that the US’s charges for RMB exchange rate based on International Monetary Law are not correct.Obviously, since there is a dispute, it is necessary to have an organization or institution to make a final judgment to the dispute. And this involves the jurisdiction over exchange rate disputes. Based on the analysis of the relationship between IMF and WTO, the author analyzes the relation between the15th article in GATT with the relevant provisions of IMF, and also analyzes historical reasons of GATT’s relevant regulations concerning the exchange rate, and finally it is concluded that the IMF and WTO have separate jurisdiction over the exchange rate issue.Finally, based on the actions which the US is supposed to take towards the RMB exchange rate, and through the analysis of legal impediments of US’s charges for the RMB exchange rate, the author give some suggestions on the legal countermeasures which may be taken by our country in the face of US’s charges, based on an initiative, controllable and progressive principle. |
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