This paper bases on bilateral nominal exchange rates the calculation of nominal and RMB real effective exchange rates foreign over 1978~1999 and analyze the long-term relationship between manufacture trade balance and RMB real effective exchange rates by using cointegration technique. It is found out that there exists the long-term stedy balance relationship among manufactured products foreign trade, china's GDP practical foreign income and real effective RMB exchange rates. Dractical RMB depreciation has i...