摘要:China’s exchange regime has been a target of international criticism for a long period. Recently, a criticism accusing China of "manipulating" its currency was culminated in the U.S. The core compliant is that Chinese exporters receive an unfair advantage due to the undervalued exchange rate. There are three major factors when defining the "subsidy" under the WTO rules and cases: financial contribution, benefit and specificity. First, there is no government or public entity, which confers financial support, including money, to Chinese exporters. Second, it is hard to establish a benefit to Chinese purchase. Third, China’s exchange regime does not expressly or in effect limit the benefits to an objective criterion and there is not enough data to conclude that China’ regime can be deem to a "contingent on export performance". Finally, this paper reaches the conclusion that China’s currency regime cannot be found to be inconsistent with its obligations under the SCM Agreement.%美国对人民币汇率的指控,近期集中于人民币汇率构成对中国出口商和出口产品的补贴。根据世界贸易组织的相关规定和案例,判断人民币汇率是否构成出口补贴主要来自三个要素:财政资助、利益和专向性。首先,由于不存在提供补贴的主体,也没有出现政府资金向私人的流动以及政府未提供世界贸易组织所禁止的服务,因此人民币汇率不符合财政资助的要求;其次,由于全球各地人民币汇率基本一致,难以另行确定"自由市场"的人民币汇率,因此不能强行将人民币汇率认定为"被授予的一项利益";最后,由于所有企业使用相同的汇率,并且单纯以增加出口为由不足以充分证明人民币汇率与出口实绩相连,因此不符合专向性的要求。所以,人民币汇率不构成出口补贴。