On Frictions Caused by RMB Exchange Rate Based on International Financial Law

It is beneficial and necessary for China's economic development to have a free,independent and fully market-based floating exchange rate system.The RMB exchange rate will eventually be handed over to the market.As China's foreign exchange market and management system are still immature,exchange rate adjustment under the managed floating framework is acceptable.Jamaica Agreement not only formally recognized the legalization of floating exchange rate system,but also affirmed the coexistence of fixed and floating exchange rate system.Member States are free to choose the exchange rate system,and the exchange rate forced by pressure from other countries may have no legitimacy,and pose interference and damages on other countries financial sovereignty.