A Comparative Study On Foreign Currency Obligation Judgment Rules

At present,cross-border economic exchanges have become the norm,and international trade behavior,international investment behavior and international financial behavior have occurred from time to time.Close cross-border economic exchanges have facilitated international economic transactions and disputes have also emerged among the parties involved in cross-border economic exchanges.If the parties submit these disputes to the courts,since the currency has the value scale function,the clients' appeals are usually to ask the court to decide on the counterparty to pay a certain amount of money to them.If the currency claimed by the parties is not the legal tender of the country to which the court belongs,then the debts expressed in foreign currencies between the parties are the foreign currency debts referred to herein.The court,after determining the value of the debt to be paid,will decide whether to decide in its own currency or in a foreign currency if it decides in its own currency and which exchange rule to use for currency conversion.If foreign currency judgment is to be adopted,the court will decide which foreign currency to decide This is the issue to be solved in the foreign debt judgment rules referred to herein.Foreign currency debt rules include domestic currency rules and exchange rules under domestic currency rules,foreign currency rules and foreign currency selection rules under foreign currency rules.Under domestic currency rules,the court first determines the judgment in its own currency and then completes the currency conversion in conjunction with the corresponding exchange rules.Under foreign currency rules,the court first decided to make a judgment in a foreign currency and then clarified the type of foreign currency.Under the floating exchange rate system,whether the court can decide in foreign currency or in what kind of foreign currency is the currency and what kind of exchange rules should be adopted are of great significance to parties involved in large international debt disputes.This is not only related to their current gains and losses,but also to their future wealth.Taking into account the two aspects of legal output and monetary status,this article chooses the United Kingdom and the United States as the representatives to analyze and summarize the rules of foreign currency debt judgment in these two countries.The United Kingdom and the United States have accumulated rich experience in the field of foreign currency judgments,not only out of their transcendental economic position,but also from the good reputation of the courts and tribunals in both countries.Both the United Kingdom and the United States are case law countries and Britain and the United States have mutual influence in the field of foreign currency debt judgment.After long-term development,Britain and the United States have some similarities in foreign debt judgment rules.For example,both the United Kingdom and the United States have accepted the view that courts can make judgments in foreign currencies;in the application of foreign currency rules,the courts are highly overlapped in the types of foreign currency choices;and the courts are all fair standards for restoring the status quo ante in the trial of the case.The difference is that British courts apply more foreign currency rules,while U.S.courts make only a handful of foreign currency judgments.The date the U.S.courts choose to redeem is primarily the date of default and the date of the decision.The dates of exchange chosen by the courts in the United Kingdom are mainly the default date and the payment date;the British courts adopt a single form of conversion rule and the U.S.federal courts adopt a composite form of conversion rule.There is no unified foreign debt rule in our country and the trial experience of the court is not rich either.Affected by the geopolitical economy,the courts that have the opportunity to hear foreign currency debt cases are concentrated in economically developed areas,especially the ports of entry.The rules on the determination of foreign currency debts in these local courts are also different.As our country's economic development and RMB internationalization continue to move forward,we can foresee that the number of foreign currency debt cases accepted by the courts in our country will further increase.With the continuous expansion of foreign exchange,the trend of increasing foreign currency debt cases is inevitable.Even though both parties to the litigation are legal entities in our country,it is possible for them to trade in foreign currencies due to complicated economic arrangements.Our courts have jurisdiction over such cases.In the meantime,as the renminbi's monetary position has further escalated,parties involved in cross-border disputes may trade in our country's courts even if they do not trade in renminbi.Therefore,it is necessary for our country to formulate a unified foreign debt judgment rule to maintain the law's predictability and consistency.This article systematically elaborates the development of the judgment rules of foreign currency debt between the United States and the United States,analyzes the advantages and disadvantages of various rules,and on this basis,puts forward reasonable suggestions for constructing our country's foreign currency debt judgment rules based on the current situation in our country.