This paper made an analysis of the measurement of real RMB exchange rate misalignment, its effect and correction, and according to the result of the research, this paper scored the policy of stable RMB without depreciation during Asian financial crisis and the policy of stable RMB without appreciation between 2002 and 2004, and viewed the future exchange rate policy of RMB. The method used in this paper included Johansen test in cointegration test, E-G two step method in cointegration test, Granger causalit...