一国外汇储备大量增加是否负有调整汇率的义务

汇率是调整国际收支的重要杠杆。从《IMF协定》第4条和《新决议》的相关规定来看,在汇率操纵、外部不稳定和汇率严重偏差造成一国国际收支出现大量盈余或赤字等情况下,该国和其它相关国家负有调整汇率以此调整国际收支的义务。但是仔细分析不难看出,这些规定概括模糊,缺乏可操作性,逆差国和顺差国之间的义务难以理清,且《新决议》中的多数指导原则缺乏法律拘束力。故当今西方声称人民币汇率导致了全球国际收支失衡,要求人民币不切实际地加速升值,是缺乏牢靠标准和依据的。我国应重视以上义务规定,同时用好这些规定,为人民币汇率改革提供法律保障。

Should a Country Be Liable for Adjusting Its Exchange Rate In Case of a Sharp Rise of Its Foreign Reserves?

Exchange rate serves as an important lever in adjusting balance of payments. Under Article 4 of the IMF Agreement and the New Decisions, where there occurs a large international payment surplus or deficit in a country resulting from manipulation, external instability, or fundamental misalignment of exchange rate, the country and other relevant countries are liable for adjusting exchange rate to maintain the balance of payments. However, too general, vague and non-operational are the provisions that the duties between the surplus countries and the deficit countries are hard to delineate. Also, most of the directives in the New Decisions are without binding force in law. As such, the allegation of some western countries that it is the exchange rate of Renminbi that leads to the global imbalance of payments and the claim upon China to depreciate Renminbi at an impractical speed are totally groundless. While being cautious not to violate the above provisions, China should exert herself within the bound of the Agreement and the Decisions for rendering legal protection for the reform of the exchange rate of Renminbi.