Research On The Legal Issues Of The Accusation Of RMB Exchange Rate Manipulation

With the escalate of Sino-US trade friction,analysts say the currency conflict would be "the next battlefield" of trade war,and Trump in the presidential campaign says he will use new action plan to fight the so-called currency manipulation,the Commerce Department in May 2019 allows U.S.anti-subsidy tax law to remarking currency manipulation as export subsidies and countervailing duties.In August,the U.S.Treasury labeled China a "currency manipulator".But on Jan.13,2020,just before the signing of the first phase of the US-China trade agreement,the Treasury Department issued a statement removing China from its currency manipulator list.Schumer act of congress since 2003,has already started to have been put forward for the RMB exchange rate,and dozens of act involving currency manipulation,the United States believes that the currency is artificially,undervalued exchange rate for export subsidies indirectly,thus made an unfair competitive advantage in China,and harm the American economy,leading to a rise in unemployment in the United States,advocates of Chinese products exported to the United States to impose countervailing duties.On Feb.4,2020,the U.S.department of commerce issued a final rule allowing tariffs on imports from a country if the government takes action to depress the value of its currency.While congress has yet to amend current U.S.anti-subsidy laws,and questions remain about whether the Commerce Department has the authority to assess currency undervaluation,the provision suggests that the U.S.may take unilateral sanctions against China over its currency in the future.We insist that the IMF has exclusive jurisdiction over the exchange rate issue,and that the IMF is the most authoritative international institution dealing with the issue of exchange rate manipulation.We take it as the standard for the definition and determination of exchange rate manipulation and oppose the United States' determination of "exchange rate manipulator" in accordance with its domestic law.After a series of reforms,China currently implements a managed floating exchange rate system based on market supply and demand and adjusted with reference to a basket of currencies.The current RMB exchange rate system is reasonable and legal under the framework of international law.However,due to the low soft binding and operability of the IMF,the us seeks to solve the currency manipulation issue by signing currency agreements.The us has included currency provisions in regional trade agreements with other countries,such as the US-Korea free trade agreement revised in September 2018,which included currency collateral agreements.That was followed by the inclusion of currency agreements in the US-Mexico-Canada agreement,which required the US,Canada and Mexico not to devalue their currencies for competitive advantage,which the US Treasury secretary called a model for future us trade deals with other countries.In order to prevent the United States will be a trade war with China to finance war or currency war direction,research in the recent regional trade agreement in monetary terms,in the range of acceptable currency agreement with the United States,can avoid RMB is forced to rise,and the US could take unilateral sanctions,and at the same time to alert US into more stringent currency in the new trade agreement terms and sanctions.Therefore,it can be seen that the study of existing international legal rules related to exchange rate and the insight into the policy development trend of the United States to deal with the issue of exchange rate manipulation can hold the initiative in the trade friction and consultation between China and the United States.