Judging from recent RMB exchange rate, ANBOUND research team has the following findings. First, Chinese policies now focuses on interest rate. Policy makers will allow more market resiliency for RMB exchange rate and will be more tolerable for falling exchange rate. Second, with appreciation of US dollar, Renminbi will keep depreciating. RMB exchange rate will probably keep falling in 2015. And capital will keeps withdrawing from Chinese market. Third, whether RMB exchange rate and capital outflow trend will change depend on the change of Chinese economic situation.