人民币汇率构成补贴悖论

基于贸易保护之初衷，美国政界、商界部分人士以人民币汇率被低估而给出口企业带来不公平竞争优势为由提出人民币汇率构成补贴的观点，由此引发能否对人民币汇率采取反补贴措施的争议。将该争议之争点定位于WTO之反补贴协定框架之下，并结合我国汇率制度之形成基础及其对宏观经济的作用综合分析，可以认定人民币汇率不构成WTO体制下补贴的定义及法定构成要件，仅凭人民币汇率对出口企业的影响断定其构成补贴的观点是缺乏法律依据的。

The paradox of challenging the RMB rate as a subsidy

Based on the intention of trade protection,some American politicians and business community put forward a perspective that the China's RMB rate which had been undervalued brought unfair competitive advantages to export enterprises,which can be deemed as a subsidy.The point gave rise to a controversy of whether the US government can take countervailing measure against RMB rate.Putting these issues under the SCM agreement of WTO and considering the role RMB rate played in china's macroeconomy,it can be conclu...