Abstract: Non-endurance in long-term of the fixed rate of exchange policy is one of important lessons to the financial crisis in Asia.However, currency authority in China just maintains the fixed rate of exchange arrangement through the capital control.The cost of this method accelerates the increase with the opening to the outside world.Under the international capital flow control relaxation condition,the cost of implementing the fixed rate of exchange surpasses its income.The corresponding countermeasure is adopting the  elastic system arrangement to Renminbi exchange rate,especially the relaxation fluctuation;speeding up the marketability reform of Renminbi interest rate;stabilizing the exchange rate level by international convention,instead of by the central bank in the foreign exchange market buying or selling to supply and demand the difference.

Key words: trade-type capital, finance capital, the inside and outside balance