On the surface, the problems existing in the execution of bank foreign exchange quotation are caused by the lack of flexibility of the current management system and the limited function of price discovery in the domestic foreign exchange trading market. From a deeper perspective, it is because the RMB exchange rate formation mechanism can no longer meet the needs of the development of the economic and financial situation. According to the regulations, the RMB exchange rate system arrangement should be "managed floating based on market supply and demand", but in fact it has become "pegged to the US dollar". Because the exchange rate of RMB against the US dollar is relatively fixed, it is difficult to maintain the real independence of domestic monetary policy orientation and control the local overheating and imbalance of the economy at this stage. In the long run, the RMB exchange rate formation mechanism is bound to change to a market-oriented direction; The key in the near future is to make full preparations for the reform of RMB exchange rate system without causing excessive market fluctuations, in which the reform of the formation mode of foreign exchange quotation of banks is an important link, which can be started from the following two aspects.