Since March 20 15, the central bank has tried to stabilize the RMB at a certain high level in order to successfully join SDR, even at the expense of foreign exchange reserves. Finally, the International Monetary Fund officially announced that the RMB will be at 20110 on October 30th. Since 20 16, the RMB has slightly depreciated against a basket of currencies, with obvious two-way floating characteristics. At the end of June, the CFETS RMB exchange rate index was 95.02, which was 5.86% lower than that at the end of 20 15. The RMB exchange rate indices of the reference BIS currency basket and SDR currency basket are 96.09 and 95.76, respectively, which are 5.53% and 3. 1 1% lower than the end of 20 15, respectively. According to the calculation of the Bank for International Settlements, the nominal effective exchange rate of RMB depreciated by 5.09% and the real effective exchange rate depreciated by 5.47% in the first half of 20 16.