It is reported that China central bank has discussed QE (quantitative easing) policies, aiming at coordinate with the 1 trillion local government bonds which will be introduced this year. Influenced by this, spot exchange rate of on-shore RMB against U.S. dollar fell sharply. ANBOUND research team holds that if the rumor about Chinese version QE is true, falling of RMB spot rate is unavoidable. Domestic and foreign economic policies need to be coordinated.