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因此即使受指控之當事國其國內自美國進口之產品減少，該產品仍可能由其他國家進口，不一定即會完全被國內產品取代。是以本文認為，2010 年公平貿易貨幣改革法案與 2011 年貨幣匯率監督改革法案所謂他國根本性匯率低估或匯率失調情形只有在相當特定之情況下始可能構成進口替代補貼。

第四節小結與建議

總結本章所述，本文認為 2010 年公平貿易貨幣改革法案與 2011 年貨幣匯率監督改革法案針對 1930 年關稅法有關補貼之定義所為之修正，其條文本身並不違反 WTO 規範，且於適用上亦有可能使該二法案所謂他國根本性匯率低估或匯率失調之情形構成出口補貼或進口替代補貼，然前者之關鍵為受指控國之政府使其匯率受到低估之意圖為何，後者則受限於進口品與國內產品之替代率計算。

惟值得注意者，以一國政府低估匯率之意圖判定其是否是以出口實績為條件，

將可能使該國政府產生鑽漏洞之心態，而使美國法案於適用上遭遇困難。蓋即使該國符合美國 2010 年公平貿易貨幣改革法案與 2011 年貨幣匯率監督改革法案所稱之根本性匯率低估或匯率失調，只要該國不表明該措施是為保護出口產業或促進出口成長，似乎即可能不構成「事實上以出口實績為條件」，則在此情況下美國即無法將其認定為出口補貼。

上述情形似乎亦點出純粹以國際貿易法學之角度去討論一特定議題是否有其侷限性，而應同時考量該議題對經濟所產生之影響。申言之，若恰好存在一情況為一國之根本性匯率低估或匯率失調於國際貿易法學之分析上因無證據顯示該國干預匯率之目的是為提升出口，而無法構成出口補貼，然於經濟學之分析上卻顯示該國干預匯率有提供補貼之效果，此時兩者間之衝突即格外須受到重視。

又或者在探討是否構成進口替代補貼之情況，若缺乏經濟之分析而僅單憑法律文

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字，亦相當難以準確判定是否存在進口替代效果。尤其就目前而言，WTO 之案

例多半未伴隨經濟學之佐證，極有可能發生事實上嚴重損害他國利益卻未遭受國

際貿易法制裁或者事實上並未損害他國利益卻遭受國際貿易法制裁之謬誤，而此

種謬誤對於美國本身或受美國指控為根本性匯率低估或匯率失調國而言，皆顯失

公平。因此本文建議美國或該些受指控之國家皆應提倡以經濟學之分析輔佐國際

貿易法學之裁決，始能獲致對雙方皆較客觀且公平之結論。

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第陸章結論

匯率低估一向被視為以鄰為壑之政策，尤以美國而言，其主要貿易對手國──

中國長期受操縱匯率所詬病，造成美國貿易巨額赤字及國內嚴重之失業問題，然國內現行之匯率法案──1988 年匯率與國際經濟政策協調法案卻無法有效防止他國持續操縱匯率，美國國會遂積極提出改革法案以針對此問題擬定有效之制裁手段。而所有改革法案中最終獲得國會多數支持者僅有 2010 年公平貿易貨幣改革法案與 2011 年貨幣匯率監督改革法案，此二法案之共通點為皆欲將他國匯率低估或失調之情形視為可課徵平衡稅之補貼。

匯率低估究竟是否構成補貼之問題在國際貿易學及經濟學界早已爭執許久。

本文無論從 Staiger 及 Sykes 兩位學者使用的兩國兩財模型，或由過往 WTO 案例之小組及上訴機構對於補貼定義之解釋為基礎，分析 2010 年公平貿易貨幣改革法案與 2011 年貨幣匯率監督改革法案所謂他國根本性匯率低估或匯率失調是否構成補貼，結果皆未獲致絕對肯定之結論，亦即兩者皆認為僅有在相當特定之情況下匯率低估始可能構成補貼。

惟值得注意者，本文於分析 2010 年公平貿易貨幣改革法案與 2011 年貨幣匯

率監督改革法案與 WTO 規範之合致性過程中發現，探討匯率低估是否構成禁止

性補貼此一問題必須倚靠經濟學之輔助。如前所述，本文無論由經濟學或國際貿

易法學之角度皆無法絕對肯認匯率低估一定構成禁止性補貼，則若恰好存在一情

況為單憑法律文字之分析認為某國之匯率低估情形構成禁止性補貼並受到美國

或 WTO 之制裁，然透過經濟學之研究卻獲致相反之結論，對於受到制裁之國家

而言顯失公平；反之，若實際上美國之貿易額確實因該國低估匯率而遭受巨大衝

擊，然法律分析卻不認為該國構成禁止性補貼而未受到制裁，則亦有違 WTO 爭

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端解決機制保護會員利益之宗旨。因此本文期待未來美國或遭受美國指控為根本

性匯率低估或匯率失調之國家，皆能積極提倡以經濟學之分析輔佐國際貿易法學

之裁決，以有效維護自身利益。

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參考文獻

一、中文文獻

1. 韓龍，人民幣匯率的國際法問題（簡體字版），法律出版社（中國，北京），

2010。

2. 羅昌發，國際貿易法，2 版，2010。

二、英文文獻

（一）期刊及其他資料

1. Ahn, Dukgeun, Is The Contemporary Chinese Exchange-Rate Regime

“WTO-Legal”? (2010), at http://www.voxeu.org/index.php?q=node/4867.

2. Bagwell, Kyle & Robert W. Staiger, An Economic Theory of GATT (June 1998).

3. Bergsten, C. Fred, Currency Misalignments and the US Economy, P

ETERSON

I

NSTITUTE FOR

I

NTERNATIONAL

E

CONOMICS

(2007), at

http://www.iie.com/publications/testimony/testimony.cfm?ResearchID=735.

4. Caryl, Benjamin B., Is China’s Currency Regime a Countervailable Subsidy? A

Legal Analysis under the World Trade Organization’s SCM Agreement, 45 J.

W. T.

187 (2011).

5. H

ENNING

, C. R

ANDALL

, A

CCOUNTABILITY AND

O

VERSIGHT OF

US E

XCHANGE

R

ATE

P

OLICY

(2008).

6. Leviton, Matthew R., Is It a Subsidy? An Evaluation of China's Currency Regime

and Its Compliance with the WTO (2005).

7. Mattoo, Aaditya & Arvind Subramanian, Currency Undervaluation and

Sovereign Wealth Funds: A New Role for the World Trade Organization, 32 THE

W

ORLD

E

CONOMY

1135 (2009).

8. Siegel, Deborah E., Legal Aspects of the IMF/WTO Relationship: the Fund’s

Articles of Agreement and the WTO Agreements, 96 AM

. J. I

’

L. 561 (2002).

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9. Staiger, Robert W. & Alan O. Sykes, ‘Currency manipulation’ and world trade, 9 W

ORLD

T

RADE

R

EVIEW

583 (2010).

10. Staiger, Robert W. & Alan O. Sykes, Currency Manipulation and World Trade: a

Caution, in The US-SINO

C

URRENCY

D

ISPUTE

: N

I

NSIGHTS FROM

E

CONOMICS

, P

OLITICS AND

L

109 (Simon Evenett ed., 2010).

11. Sullivan, John V., How Our Laws Are Made, U.S. G

OVERNMENT

P

RINTING

O

FFICE

(2007), at

http://www.gpo.gov/fdsys/pkg/CDOC-110hdoc49/pdf/CDOC-110hdoc49.pdf.

12. U.S. D

EPARTMENT OF THE

T

REASURY

, R

EPORT TO THE

C

ONGRESS ON

I

NTERNATIONAL

E

CONOMIC AND

E

XCHANGE

R

ATE

P

OLICY

(Apr. 1989- Nov.

2012).

（二）WTO 文件

1. Appellate Body Report, Canada – Certain Measures Affecting the Automotive

Industry, WT/DS139/AB/R and WT/DS142/AB/R, adopted 19 June 2000.

2. Appellate Body Report, Canada – Measures Affecting the Export of Civilian

Aircraft, WT/DS70/AB/R, adopted 20 August 1999.

3. Appellate Body Report, United States – Anti-Dumping Measures on Certain

Hot-Rolled Steel Products from Japan, WT/DS184/AB/R, adopted 23 August

2001.

4. Appellate Body Report, United States – Definitive Anti-Dumping and

Countervailing Duties on Certain Products from China, WT/DS379/AB/R,

adopted 25 March 2011.

5. Appellate Body Report, United States – Final Countervailing Duty

Determination with respect to certain Softwood Lumber from Canada,

WT/DS257/AB/R, adopted 17 February 2004.

6. Article 21.5 Appellate Body Report, European Communities – Anti-Dumping

Duties on Imports of Cotton-type Bed Linen from India, WT/DS141/AB/RW,

adopted 24 April 2003.

7. Article 21.5 Appellate Body Report, United States – Tax Treatment for “Foreign

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Sales Corporations”, WT/DS108/AB/RW, adopted 29 January 2002.

8. Article 21.5 Appellate Body Report, United States – Tax Treatment for “Foreign

Sales Corporations, WT/DS108/AB/RW, adopted January 29 2002.

9. Article 21.5 Panel Report, United States – Tax Treatment for “Foreign Sales

Corporations”, WT/DS108/RW, adopted 29 January 2002.

10. Panel Report, Australia – Automotive Leather II, ¶ 9.56; Panel Report, Canada –

Measures Affecting the Export of Civilian Aircraft, WT/DS70/R, adopted 20

August 1999.

11. Panel Report, Australia – Subsidies Provided to Producers and Exporters of

Automotive Leather, WT/DS126/R, adopted 16 June 1999.

12. Panel Report, Brazil – Export Financing Program for Aircraft, WT/DS46/R, adopted 20 August 1999.

13. Panel Report, European Communities – Countervailing Measures on Dynamic

Random Access Memory Chips from Korea, WT/DS299/R, adopted 3 August

2005.

14. Panel Report, Korea – Measures Affecting Trade in Commercial Vessels, WT/DS273/R, adopted 11 April 2005.

15. Panel Report, United States – Final Countervailing Duty Determination with

respect to certain Softwood Lumber from Canada, WT/DS257/R, adopted 17

February 2004.

16. Panel Report, United States – Measures Treating Export Restraints as Subsidies, WT/DS194/R, adopted 23 August 2001.

17. Panel Report, United States – Preliminary Determinations with Respect to

Certain Softwood Lumber from Canada, WT/DS236/R, adopted 1 November

2002.

18. WTO, Working Group on Trade, Debt and Finance, The Relationship between

Exchange Rates and International Trade: a Review of Economic Literature,

WT/WGTDF/W/57, 27 September 2011.

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附錄一 1988 年匯率與國際經濟政策協調法案

SUBCHAPTER I—EXCHANGE RATES AND INTERNATIONAL ECONOMIC POLICY COORDINATION

§ 5301. Short title

This subchapter may be cited as the ‘‘Exchange Rates and International Economic Policy Coordination Act of 1988’’.

(Pub. L. 100–418, title III, § 3001, Aug. 23, 1988, 102 Stat. 1372.) REFERENCES IN TEXT

This subchapter, referred to in text, was in the original ‘‘this subtitle’’, meaning subtitle A (§§

3001–3006) of title III of Pub. L. 100–418, which enacted this subchapter and amended section 225a of Title 12, Banks and Banking. For complete classification of subtitle A to the Code, see Tables.

§ 5302. Findings

The Congress finds that—

(1) the macroeconomic policies, including the exchange rate policies, of the leading industrialized nations require improved coordination and are not consistent with long-term economic growth and financial stability;

(2) currency values have a major role in determining the patterns of production and trade in the world economy;

(3) the rise in the value of the dollar in the early 1980’s contributed substantially to our current trade deficit;

(4) exchange rates among major trading nations have become increasingly volatile and a pattern of exchange rates has at times developed which contribute to substantial and persistent imbalances in the flow of goods and services between nations, imposing serious strains on the world trading system and frustrating both business and government planning;

(5) capital flows between nations have become very large compared to trade flows, respond at times quickly and dramatically to policy and economic changes, and, for these reasons, contribute significantly to uncertainty in financial markets, the volatility of exchange rates, and the development of exchange rates which produce imbalances in the flow of goods and services between nations;

(6) policy initiatives by some major trading nations that manipulate the value of their currencies in relation to the United States dollar to gain competitive advantage continue to create serious competitive problems for United States industries;

(7) a more stable exchange rate for the dollar at a level consistent with a more appropriate and sustainable balance in the United States current account should be a major focus of

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(8) procedures for improving the coordination of macroeconomic policy need to be strengthened considerably; and

(9) under appropriate circumstances, intervention by the United States in foreign exchange markets as part of a coordinated international strategic intervention effort could produce more orderly adjustment of foreign exchange markets and, in combination with necessary macroeconomic policy changes, assist adjustment toward a more appropriate and sustainable balance in current accounts.

(Pub. L. 100–418, title III, § 3002, Aug. 23, 1988, 102 Stat. 1372.)

§ 5303. Statement of policy

It is the policy of the United States that—

(1) the United States and the other major industrialized countries should take steps to continue the process of coordinating monetary, fiscal, and structural policies initiated in the Plaza Agreement of September 1985;

(2) the goal of the United States in international economic negotiations should be to achieve macroeconomic policies and exchange rates consistent with more appropriate and sustainable balances in trade and capital flows and to foster price stability in conjunction with economic growth;

(3) the United States, in close coordination with the other major industrialized countries should, where appropriate, participate in international currency markets with the objective of producing more orderly adjustment of foreign exchange markets and, in combination with necessary macroeconomic policy changes, assisting adjustment toward a more appropriate and sustainable balance in current accounts; and

(4) the accountability of the President for the impact of economic policies and exchange rates on trade competitiveness should be increased.

(Pub. L. 100–418, title III, § 3003, Aug. 23, 1988, 102 Stat. 1373.)

§ 5304. International negotiations on exchange rate and economic policies (a) Multilateral negotiations

The President shall seek to confer and negotiate with other countries—

(1) to achieve—

(A) better coordination of macroeconomic policies of the major industrialized nations;

and

(B) more appropriate and sustainable levels of trade and current account balances, and exchange rates of the dollar and other currencies consistent with such balances; and (2) to develop a program for improving existing mechanisms for coordination and improving the functioning of the exchange rate system to provide for long-term exchange

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rate stability consistent with more appropriate and sustainable current account balances.

(b) Bilateral negotiations

The Secretary of the Treasury shall analyze on an annual basis the exchange rate policies of foreign countries, in consultation with the International Monetary Fund, and consider whether countries manipulate the rate of exchange between their currency and the United States dollar for purposes of preventing effective balance of payments adjustments or gaining unfair competitive advantage in international trade. If the Secretary considers that such manipulation is occurring with respect to countries that (1) have material global current account surpluses; and (2) have significant bilateral trade surpluses with the United States, the Secretary of the Treasury shall take action to initiate negotiations with such foreign countries on an expedited basis, in the International Monetary Fund or bilaterally, for the purpose of ensuring that such countries regularly and promptly adjust the rate of exchange between their currencies and the United States dollar to permit effective balance of payments adjustments and to eliminate the unfair advantage. The Secretary shall not be required to initiate negotiations in cases where such negotiations would have a serious detrimental impact on vital national economic and security interests; in such cases, the Secretary shall inform the chairman and the ranking minority member of the Committee on Banking, Housing, and Urban Affairs of the Senate and of the Committee on Banking, Finance and Urban Affairs of the House of Representatives of his determination.

(Pub. L. 100–418, title III, § 3004, Aug. 23, 1988, 102 Stat. 1373.)

CHANGE OF NAME

Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub.

L. 104–14, set out as a note preceding section 21 of Title 2, The Congress. Committee on Banking and Financial Services of House of Representatives abolished and replaced by Committee on Financial Services of House of Representatives, and jurisdiction over matters relating to securities and exchanges and insurance generally transferred from Committee on Energy and Commerce of House of Representatives by House Resolution No. 5, One Hundred Seventh Congress, Jan. 3, 2001.

NEGOTIATIONS ON CURRENCY EXCHANGE RATES

Section 1124 of Pub. L. 100–418 provided that:

‘‘(a) FINDINGS.—The Congress finds that—

‘‘(1) the benefit of trade concessions can be adversely affected by misalignments in currency, and

‘‘(2) misalignments in currency caused by government policies intended to maintain an unfair trade advantage tend to nullify and impair trade concessions.

‘‘(b) NEGOTIATIONS.—Whenever, in the course of negotiating a trade agreement under this subtitle [subtitle A (§§ 1101 to 1125) of title I of Pub. L. 100–418, see Tables for classification], the President

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is advised by the Secretary of the Treasury that a foreign country that is a party to the negotiations satisfies the criteria for initiating bilateral currency negotiations listed in section 3004(b) of this Act [22 U.S.C. 5304(b)], the Secretary of the Treasury shall take action to initiate bilateral currency negotiations on an expedited basis with such foreign country.’’

§ 5305. Reporting requirements (a) Reports required

In furtherance of the purpose of this chapter, the Secretary, after consultation with the Chairman of the Board, shall submit to the Committee on Banking, Finance and Urban Affairs of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, on or before October 15 of each year, a written report on international economic policy, including exchange rate policy. The Secretary shall provide a written update of developments six months after the initial report. In addition, the Secretary shall appear, if requested, before both committees to provide testimony on these reports.

(b) Contents of report

Each report submitted under subsection (a) of this section shall contain—

(1) an analysis of currency market developments and the relationship between the United States dollar and the currencies of our major trade competitors;

(2) an evaluation of the factors in the United States and other economies that underlie conditions in the currency markets, including developments in bilateral trade and capital flows;

(3) a description of currency intervention or other actions undertaken to adjust the actual exchange rate of the dollar;

(4) an assessment of the impact of the exchange rate of the United States dollar on—

(A) the ability of the United States to maintain a more appropriate and sustainable balance in its current account and merchandise trade account;

(B) production, employment, and noninflationary growth in the United States;

(C) the international competitive performance of United States industries and the external indebtedness of the United States;

(5) recommendations for any changes necessary in United States economic policy to attain a more appropriate and sustainable balance in the current account;

(6) the results of negotiations conducted pursuant to section 5304 of this title;

(7) key issues in United States policies arising from the most recent consultation requested by the International Monetary Fund under article IV of the Fund’s Articles of Agreement; and

(8) a report on the size and composition of international capital flows, and the factors contributing to such flows, including, where possible, an assessment of the impact of such flows on exchange rates and trade flows.

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(Pub. L. 100–418, title III, § 3005(a), (b), Aug. 23, 1988, 102 Stat. 1374.)

REFERENCES IN TEXT

This chapter, referred to in subsec. (a), was in the original ‘‘this title’’, meaning title III of Pub. L.

100–418, Aug. 23, 1988, 102 Stat. 1372, which enacted this chapter and section 262q of this title, amended sections 225a, 635, 635i–3, 1843, and 3912, of Title 12, Banks and Banking, and enacted provisions set out as notes under section 262q of this title and sections 635, 635i–3, and 1841 of Title 12. For complete classification of title III to the Code, see Tables.

CHANGE OF NAME

Committee on Banking, Finance and Urban Affairs of House of Representatives treated as referring to Committee on Banking and Financial Services of House of Representatives by section 1(a) of Pub.

§ 5306. Definitions

As used in this subchapter:

(1) Secretary

The term ‘‘Secretary’’ means the Secretary of the Treasury.

(2) Board

The term ‘‘Board’’ means the Board of Governors of the Federal Reserve System.

(Pub. L. 100–418, title III, § 3006, Aug. 23, 1988, 102 Stat. 1375.)

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附錄二 2003 年舒默法案

S 1586 IS

108TH CONGRESS 1ST SESSION

S. 1586

To authorize appropriate action if the negotiations with the People's Republic of China regarding China's undervalued currency and currency manipulation are not successful.

IN THE SENATE OF THE UNITED STATES S

EPTEMBER

5, 2003

Mr. SCHUMER (for himself, Mr. BUNNING, Mrs. DOLE, Mr. DURBIN, Mr. GRAHAM of South Carolina, and Mr. BAYH) introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To authorize appropriate action if the negotiations with the People's Republic of China regarding China's undervalued currency and currency manipulation are not successful.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. FINDINGS.

Congress makes the following findings:

(1) The currency of the People's Republic of China, the yuan, is artificially pegged at a level significantly below its market value. Economists estimate the yuan to be undervalued by between 15 percent and 40 percent or an average of 27.5 percent.

(2) The undervaluation of the yuan makes exports from the People's Republic of China less expensive for foreign consumers and makes foreign products more expensive for Chinese consumers. The effective result is a significant subsidization of China's exports and a virtual tariff on foreign imports, leading the People's Republic of China to enjoy significant trade surpluses with its international trading partners. The United States trade deficit with China has widened from $57,000,000,000 in 1998 to $103,000,000,000 in 2002, resulting in an aggregate deficit with China of over $396,000,000,000 for that 5-year period.

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(3) China's undervalued currency and the United States trade deficit with the People's Republic of China is contributing to significant United States job losses and harming United States businesses. In particular the United States manufacturing sector has lost over 2,600,000 jobs since March 2001, which accounts for approximately 90 percent of the total United States job losses.

(4) The Government of the People's Republic of China has intervened in the foreign exchange markets to hold the value of the yuan within an artificial trading range. China's foreign reserves are estimated to be over $345,000,000,000 as of June 2003, and have increased at a level higher than that of any other country.

(5) China's undervalued currency and the Chinese Government's intervention in the value of its currency violates the spirit and letter of the world trading system of which the People's Republic of China is now a member.

(6) The Government of the People's Republic of China has failed to promptly address concerns raised by the United States and the international community regarding the value of its currency.

(7) Article XXI of the GATT 1994 (as defined in section 2(1)(B) of the Uruguay Round Agreements Act (19 U.S.C. 3501(1)(B)) allows a member of the World Trade Organization to take any action which it considers necessary for the protection of its essential security interests. Protecting the United States manufacturing sector is essential to the interests of the United States.

SEC. 2. NEGOTIATIONS AND CERTIFICATION REGARDING THE CURRENCY VALUATION POLICY OF THE PEOPLE'S REPUBLIC OF CHINA.

(a) IN GENERAL.—Notwithstanding the provisions of title I of Public Law 106-286 (19 U.S.C. 2431 note), on and after the date that is 180 days after the date of enactment of this Act, unless a certification described in subsection (b) has been made to Congress, in addition to any other duty, there shall be imposed a rate of duty of 27.5 percent ad valorem on any article that is the growth, product, or manufacture of the People's Republic of China, imported directly or indirectly into the United States.

(b) CERTIFICATION.—The certification described in this subsection means a certification by the President to Congress that the People's Republic of China is no longer manipulating the rate of exchange between its currency and the United States dollar for purposes of preventing an effective balance of payments and gaining an unfair competitive advantage in international trade. The certification shall also include a determination that the currency of the People's Republic of China is valued in accordance with accepted market-based trading policies.

(c) NEGOTIATIONS.—Beginning on the date of enactment of this Act, the Secretary of the Treasury, in consultation with the United States Trade Representative, shall begin negotiations with the People's Republic of China to ensure that the People's Republic of China adopts a process that leads to a market-based system of currency valuation.

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附錄三 2007 年貨幣匯率監督改革法案

S 1607 RS

Calendar No. 293

110TH CONGRESS

1ST SESSION

S. 1607

To provide for identification of misaligned currency, require action to correct the misalignment, and for other purposes.

IN THE SENATE OF THE UNITED STATES J

UNE

13, 2007

Mr. BAUCUS (for himself, Mr. GRASSLEY, Mr. SCHUMER, Mr. GRAHAM, Mr. HATCH, Mrs.

CLINTON, Mr. OBAMA, Mr. KERRY, Mr. ISAKSON, Mr. COCHRAN, Mr. SALAZAR, and Mr.

ROCKEFELLER) introduced the following bill; which was read twice and referred to the Committee on Finance

J

ULY

31, 2007

Reported by Mr. BAUCUS, with an amendment

A BILL

To provide for identification of misaligned currency, require action to correct the misalignment, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Currency Exchange Rate Oversight Reform Act of 2007'.

SEC. 2. DEFINITIONS.

In this Act:

(1) ADMINISTERING AUTHORITY.—The term `administering authority' means the authority referred to in section 771(1) of the Tariff Act of 1930 (19 U.S.C. 1677(1)).

(2) AGREEMENT ON GOVERNMENT PROCUREMENT.—The term `Agreement on Government Procurement' means the agreement referred to in section 101(d)(17) of the

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Uruguay Round Agreements Act (19 U.S.C. 3511(d)(17)).

(3) COUNTRY.—The term `country' means a foreign country, dependent territory, or possession of a foreign country, and may include an association of 2 or more foreign countries, dependent territories, or possessions of countries into a customs union outside the United States.

(4) EXPORTING COUNTRY.—The term `exporting country' means the country in which the subject merchandise is produced or manufactured.

(5) FUNDAMENTAL MISALIGNMENT.—The term `fundamental misalignment' means a significant and sustained undervaluation of the prevailing real effective exchange rate, adjusted for cyclical and transitory factors, from its medium-term equilibrium level.

(6) FUNDAMENTALLY MISALIGNED CURRENCY.—The term `fundamentally misaligned currency' means a foreign currency that is in fundamental misalignment.

(7) REAL EFFECTIVE EXCHANGE RATE.—The term `real effective exchange rate' means a weighted average of bilateral exchange rates, expressed in price-adjusted terms.

(8) SECRETARY.—The term `Secretary' means the Secretary of the Treasury.

(9) STERILIZATION.—The term `sterilization' means domestic monetary operations taken to neutralize the monetary impact of increases in reserves associated with intervention in the currency exchange market.

(10) SUBJECT MERCHANDISE.—The term `subject merchandise' means the merchandise subject to an antidumping investigation, review, suspension agreement, or order referred to in section 771(25) of the Tariff Act of 1930 (19 U.S.C. 1677(25)).

(11) WTO AGREEMENT.—The term `WTO Agreement' means the agreement referred to in section 2(9) of the Uruguay Round Agreements Act (19 U.S.C. 3501(9)).

SEC. 3. REPORT ON INTERNATIONAL MONETARY POLICY AND CURRENCY EXCHANGE RATES.

(a) REPORTS REQUIRED.—

(1) IN GENERAL.—Not later than March 15 and September 15 of each calendar year, the Secretary, after consulting with the Chairman of the Board of Governors of the Federal Reserve System and the Advisory Committee on International Exchange Rate Policy, shall submit to Congress, a written report on international monetary policy and currency exchange rates.

(2) CONSULTATIONS.—On or before March 30 and September 30 of each calendar year, the Secretary shall appear, if requested, before the Committee on Banking, Housing, and Urban Affairs and the Committee on Finance of the Senate and the Committee on Financial Services and the Committee on Ways and Means of the House of Representatives to provide testimony on the reports submitted pursuant to paragraph (1).

(b) CONTENT OF REPORTS.—Each report submitted under subsection (a) shall contain—

(1) an analysis of currency market developments and the relationship between the United

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States dollar and the currencies of major economies and trading partners of the United States;

(2) a review of the economic and monetary policies of major economies and trading partners of the United States, and an evaluation of how such policies impact currency exchange rates;

(3) a description of any currency intervention by the United States or other major economies or trading partners of the United States, or other actions undertaken to adjust the actual exchange rate relative to the United States dollar;

(4) an evaluation of the domestic and global factors that underlie the conditions in the currency markets, including—

(A) monetary and financial conditions;

(B) accumulation of foreign assets;

(D) trends in current and financial account balances;

(E) the size, composition, and growth of international capital flows;

(F) the impact of the external sector on economic growth;

(G) the size and growth of external indebtedness;

(H) trends in the net level of international investment; and

在文檔中匯率低估為可課徵平衡稅之補貼？ - 以美國匯率改革相關法案為中心 - 政大學術集成 (頁 79-159)

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第四節 小結與建議

惟值得注意者，以一國政府低估匯率之意圖判定其是否是以出口實績為條件，

又或者在探討是否構成進口替代補貼之情況，若缺乏經濟之分析而僅單憑法律文

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字，亦相當難以準確判定是否存在進口替代效果。尤其就目前而言，WTO 之案

例多半未伴隨經濟學之佐證，極有可能發生事實上嚴重損害他國利益卻未遭受國

際貿易法制裁或者事實上並未損害他國利益卻遭受國際貿易法制裁之謬誤，而此

種謬誤對於美國本身或受美國指控為根本性匯率低估或匯率失調國而言，皆顯失

公平。因此本文建議美國或該些受指控之國家皆應提倡以經濟學之分析輔佐國際

貿易法學之裁決，始能獲致對雙方皆較客觀且公平之結論。

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第陸章 結論

匯率低估一向被視為以鄰為壑之政策，尤以美國而言，其主要貿易對手國──

匯率低估究竟是否構成補貼之問題在國際貿易學及經濟學界早已爭執許久。

惟值得注意者，本文於分析 2010 年公平貿易貨幣改革法案與 2011 年貨幣匯

率監督改革法案與 WTO 規範之合致性過程中發現，探討匯率低估是否構成禁止

性補貼此一問題必須倚靠經濟學之輔助。如前所述，本文無論由經濟學或國際貿

易法學之角度皆無法絕對肯認匯率低估一定構成禁止性補貼，則若恰好存在一情

況為單憑法律文字之分析認為某國之匯率低估情形構成禁止性補貼並受到美國

或 WTO 之制裁，然透過經濟學之研究卻獲致相反之結論，對於受到制裁之國家

而言顯失公平；反之，若實際上美國之貿易額確實因該國低估匯率而遭受巨大衝

擊，然法律分析卻不認為該國構成禁止性補貼而未受到制裁，則亦有違 WTO 爭

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端解決機制保護會員利益之宗旨。因此本文期待未來美國或遭受美國指控為根本

性匯率低估或匯率失調之國家，皆能積極提倡以經濟學之分析輔佐國際貿易法學

之裁決，以有效維護自身利益。

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參考文獻

一、中文文獻

1. 韓龍，人民幣匯率的國際法問題（簡體字版），法律出版社（中國，北京），

2010。

2. 羅昌發，國際貿易法，2 版，2010。

二、英文文獻

（一）期刊及其他資料

1. Ahn, Dukgeun, Is The Contemporary Chinese Exchange-Rate Regime

2. Bagwell, Kyle & Robert W. Staiger, An Economic Theory of GATT (June 1998).

3. Bergsten, C. Fred, Currency Misalignments and the US Economy, P

I

I

E

(2007), at

http://www.iie.com/publications/testimony/testimony.cfm?ResearchID=735.

4. Caryl, Benjamin B., Is China’s Currency Regime a Countervailable Subsidy? A

W. T.

187 (2011).

5. H

, C. R

, A

O

US E

R

P

(2008).

6. Leviton, Matthew R., Is It a Subsidy? An Evaluation of China's Currency Regime

7. Mattoo, Aaditya & Arvind Subramanian, Currency Undervaluation and

W

E

1135 (2009).

立政治大學

第四節小結與建議

立政治大學

立政治大學

第陸章結論

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