Abstract:the reform of RMB exchange rate mainly include improving RMB exchange rate formation mechanism and implementing proactivethe RMB exchange rate policy.And current RMB exchange rate policy is facing serious challenges.This paper reviews the process of the exchange rate system reform since the reform and opening-up policy,and analyze the cost and benefit of current exchange rate system.Then discuss the significance of stable exchange rate system on China's macro economy.
Keywords:cost and benefit of current exchange rate system,reform,review,prospect