我国央行财产豁免制度的完善：以利益平衡为视角

为维护纽约国际金融中心地位和美元的国际储备货币地位，美国在区分管辖豁免和执行豁免的立法基础上，通过立法与司法、司法与行政等层面的结构性设计来实现投资者与外国央行之间的利益平衡。实践中，美国法院通过对“央行财产”、“放弃豁免”等立法条文的解读进一步维护了此种利益平衡之实现。在面临建设国际金融中心、维护境外外汇投资安全和应对主权债务危机等多重政策诉求的背景下，我国可以考虑利用管辖权与判决执行两阶段的互动，在管辖权豁免、央行财产界定、放弃豁免和对等原则等方面来满足我国对央行财产豁免制度的政策需求。

On the Perfection of Immunity concerning the Property of the Central Banks in China from the Perspective of the Balance of Interests

Based on a differentiation of jurisdiction immunity and execution immunity, USA makes a balance of interests between investors and foreign central banks through structure design at legislative, judicial and administrative levels in order to maintain New York as an international financial center and dollars as international reserve money. In practice, USA courts further ensure the balance of interests by clarifying the meanings of legislative provisions like the property of central banks and a waiver of immunity. Confronted with multiple policy demand for the con- struction of Shanghai international financial center, the maintenance of the security of offshore forex investment and a solution to sovereign debt crisis, China may employ the interaction be- tween jurisdiction and judgment execution to satisfy the policy need of immunity concerning the property of central banks in aspects such as jurisdiction immunity, the definition of property of central banks, a waiver of immunity and the principle of reciprocity.