A Preliminary Exploration Of Chinese Currency Swap Agreement

China has entered into currency swap agreements with about 30 countrys after the financial crisis in 2008,which amounts to more than 3000 billion RMB.This attracts a lot of scholars to research the currency swap agreement, especially those from international finance major.The author realizes that the scholars put more emphasis on currency swap among the research achievements of currency swap agreements,and make a thorough inquiry into the function of the currency swap agreement,the historic evolution of those and the program of those.However,the currency swap agreement is one legal document as the carrier of currency swap, but the few study it from the point of international law.The author deems that the currency swap agreement should be geared to generalized treaty.Thus, the author explores Chinese currency swap agreement from a legal perspective,and raise some problems,and try to make proposals to resolve those problems at last.The fist part of the thesis is the overview.At first,the author introduces the concept of the currency swap agreement.The author sets forth the concept of currency swap. The currency swap is the core content of the currency swap agreement,and the latter provides a legal support to the former,and both of them are not the relationship between supeeordination and subordination.Then, the author introduces the functions of the currency swap agreement,which is to provide liquidity support and to facilitate trade and investment.At last, the author presents the historical development of the currency swap agreement.The second part of this thesis is the legal analysis of Chinese currency swap agreement.At first,the author sets forth the view that the currency swap agreement is geared to the generalized treaty.Secondly, the author expounds the competency of the people's bank of China,as the subject of the currency swap agreement. At last, the author analyses the important interest payment clause.The third part of the thesis is the problems that China may be faced with.At first,it is the common problems of the currency swap agreement,for example,the risk of default, the uncontrollable risk and so on.Then,it is the particular problem of Chinese currency swap agreement.In this section,the author firstly discusses the relationship between Chinese currency swap agreement and RMB internationalization.The author thinks Chinese currency swap agreement indirectly promotes RMB internationalization,and this indirect promotion is not inborn function but innovative application.At last,the author points out the problems----”dormancy” and the unsound system and mechanism,when China utilizes Chinese currency swap agreement.The last part of this thesis is some advice as to above-mentioned problems,in consideration of the Federal Reserve's practical experience and the specific national conditions of China.Those include four aspects:the first is the general remedy measures of default;the second is to establish the standard and mechanism used to carefully choose the protocol object; the third is to improve Chinese currency swap agreement version;the fourth is to prompt Chinese currency swap agreement's utilization from the macro level,taking national strategy into consideration.