汇率低估是否构成WTO体制下的补贴

Whether Undervaluation of Exchange Rate Constitutes Subsidy under WTO System

摘要: 汇率低估是指一国的实际汇率低于均衡汇率的状态，能为低估国带来不公平的进出口贸易优势，因此可能构成WTO体制下的补贴。WTO对汇率问题拥有管辖权，根据WTO法对外汇安排的相关规定，汇率低估可成为WTO体制下的间隙问题。尽管汇率低估可被视为最广泛意义上的政府补贴措施，但依据SCM协定下的补贴界定规则，汇率低估时政府的汇率管理措施及外汇金融机构的换汇行为并非行使政府职权行为，不存在财政资源的转移，不存在利益授予的比较基准，且不存在事实和法律上的专向性，因而汇率低估不构成WTO体制下的补贴。

Abstract: The undervalued exchange rate refers to the state that a country’s real exchange rate is lower than the equilibrium exchange rate, which can bring unfair import and export trade advantages to the undervalued country, so it may constitute a subsidy under the WTO system. WTO has jurisdiction over the issue of exchange rate. According to the relevant provisions of WTO law on foreign exchange arrangements, undervaluation of exchange rate can become a gap issue in WTO. Although the undervaluation of the exchange rate can be re-garded as a government subsidy measure in the broadest sense, according to the subsidy definition rules of the SCM Agreement, the government’s exchange rate management measures and the ex-change behavior of foreign exchange financial institutions when the exchange rate is undervalued do not exercise the government’s authority, there is no transfer of financial resources, there is no benchmark for the granting of benefits, and there is no de facto and legal specificity. Therefore, the undervaluation of exchange rate does not constitute a subsidy under the WTO system.