A Study of the RMB Exchange Rate Regime

China has been becoming more and more important in the global market, and the RMB exchange rate regime is also attracting more and more attention. To adapt the development of China, the RMB exchange rate regime had experienced several great adjustment. This paper focuses on the RMB exchange rate regime. At first, it introduces the reform process of the RMB exchange rate regime and then goes into depth on the current RMB exchange rate regime, analysising its the advantages and disadvantages. After that, it studies the influence of RMB exchange rate regime on RMB exchange rate stability during the Russia-Ukraine conflict with comparative analysis method and the result shows that RMB exchange rate regime has its own superiority. Finally, I give four policy recommendations, including strengthening the flexible management and reform of the RMB exchange rate regime, strengthening the regulation of the balance of payments, developing a reasonable range of exchange rate fluctuations to increase the flexibility of the RMB exchange rate, and improving the national central bank’s intervention mechanism for monetary policy.