On the Laws of the Evolution of International Exchange Regime in the 20th Century and Its Enlightenment to China

International exchange regime,in effect,experiences a circle,namely,from fixed exchange regime to floating exchange regime,which is a process of self-negation and spiral growth.It also shows that international exchange regime is a dynamic system of mutual change and no single currency regime is right for all countries or at all times,which will gives us great revelationgs in the reform of RMB exchange regime at this stage.