This article sets out from the the RMB exchange rate system s historical evolution,it has indicated some characteristics of present RMB exchange rate system,then it draws the conclusion that present RMB exchange rate system exists some question--the compulsive exchange surrender system exists flaws,the RMB lacks the elasticity,the foreign exchange market is imperfect.

The Stage and Rationality of the Current RMB s Exchange Rate Mechanism;

According to the practice of emerging market countries, the choice of exchange rate regime should take into consideration not only the economic principles such as the independence of monetary policy, trade and investment promotion and monetary replacement, but also non-economic principles such as political system, party system and general election.

We studing the pricing problem of pricing European exchange rate call option related with the stock under the condition that underlying assets price following the logarithmic normal processes.