Abstract: In the long-term,China should adopt a flexible exchange-rate policy that varies according to the supply and demand of market.But in the short-term,government should take some non-market measures to keep the stability of exchange rate so as to reduce risks and fluctuation.Facing the increasing world opinions on RMB appreciation,the author,starting with analyzing the causes of RMB revaluation pressure and the  factors that make RMB exchange rate fluctuate,obtains a conclusion that RMB exchange rate must  remain stable in the near future,and Chinese government should adjust related policy timely to reduce the pressure of RMB appreciation and improve the function of exchange rate policy.

Key words: the exchange rate of RMB, the stability of exchange rate, appreciation of exchange rate