The RMB exchange rate system reform since 2005 has shown progress. The RMB exchange rate is closer to its correct value, more market-driven, and has improved international payments balance. However, during the financial crisis, the RMB exchange rate fluctuation range has narrowed. The independence of monetary policy is limited, and the economic growth model hasn't changed much. To further reform the RMB exchange rate, increasing flexibility, adjusting currency baskets, reforming property systems, improving exchange markets, and gradually opening up the capital account are necessary.