China’s current exchange rate regime is a fixed exchange rate system. The choice of exchange rate regime depends on many domestic factors. China’s exchange rate regime in line with the current needs of economic development，but in the future China’s exchange rate regime would become the floating exchange rate regime. Despite，the current exchange rate regime had some adverse effects on Chinese export competitiveness，the reform in the exchange rate regime depend on the reform of the domestic financial system，further deepenning the reform of the financial system is fundamental to overcome the adverse effects of current initiatives.