Grasp the exchange rate changes and foreign exchange reserves in China in recent 10 years, analyze the main factors affecting the RMB exchange rate, and make reasonable expectations for the RMB exchange rate trend. From 65438 to 0994, China realized the unification of RMB exchange rate. This exchange rate consolidation means that the official price is close to the market-adjusted price. From the official price of 1993 to the official price of 1 in 5.8 yuan, it was lower than that of 8.7 yuan, and the official exchange rate of RMB depreciated by 50% at one time, which was the largest depreciation of RMB. After the establishment of the national unified inter-bank foreign exchange trading center, the exchange rate began to rise slowly again, and now it has risen to soybean dollars and can only be exchanged for 8.5 yuan RMB. Since the exchange rate has been determined by the market, this change occurs almost every day. Recently, almost every trading day will appreciate by about three ten thousandths. Judging from the exchange rate changes that have taken place in RMB, the exchange rate changes are independent of human will. Even under the planning system that is completely controlled by administrative means. Since the reform and opening up, both the official price and the market price of RMB exchange rate have basically followed the trend of continuous depreciation. This is mainly due to the demand for funds for domestic construction and the expansion of inflation, and the demand for foreign exchange funds is growing. In recent months, the continuous appreciation of the RMB against the US dollar can easily be regarded as a rebound of the oversold RMB value when the exchange rate is consolidated, and it will naturally be optimistic about the market outlook. But the situation is not so simple. Although the devaluation of the RMB this time is very large, it is very small. Official exchange rate only.