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The translation is as follows: Since 2005, based on market supply and demand, with reference to a basket of currencies, managed floating exchange rate system has the flexibility and the flexibility of RMB exchange rate greatly increased, by increasing the foreign exchange market players, the introduction of market maker system, to provide long-term and swaps and other instruments to avoid exchange rate risk measures, continuously improve the RMB exchange rate formation mechanism, the foreign exchange market on foreign exchange resources of the configuration starting to show. However, after the financial crisis, the RMB is facing Western governments abroad, especially increasing pressure of appreciation. RMB exchange rate forming mechanism to change or not, change direction and change the timing and other issues after 2010 China will continue to haunt. In this paper, the current problems facing the RMB exchange rate system, expounded on the RMB exchange rate formation mechanism reform-oriented proposals.