Under China's interest rate and exchange rate reform, the pace of exchange rate reform is relatively slower. Although the Chinese regulators have carried out a series of efforts to promote the exchange rate reform, there is still a gap between the actual exchange rate formation mechanism and the established goal. Compared with other currencies, the flexibility of the renminbi exchange rate is significantly lower. Although the process of renminbi exchange reform is more complex or even repetitious, there is no doubt about its general direction of marketization. In the context of the proposed internationalization of the renminbi and the slowdown in the exchange rate, the Central Bank officials once again openly talk about the marketization of renminbi exchange rate reform; this is a clear signal of the officials' insistence on the marketization direction of renminbi. At present, there is no issue concerning the direction of renminbi exchange rate, what needs to be considered is merely the issues of pace and timing.