自布列敦森林協議崩潰以來，世界各個主要工業國家紛紛改採浮動匯率制度。從此全球開始進入了貨幣戰爭的時段，確實，一國匯率貶值將有利於出口產業，包含長期處於熊市的美元與近期來持續貶值的日圓皆是，且透過匯率貶值，亦可改善國際貿易長期呈現赤字的情況。但匯率是雙向的，一國貨幣貶值，另一國貨幣必然相對升值。中國便是最好的例子，隨著經濟的崛起，中國迅速的累積了大量貿易盈餘與外匯存底，並在之後的金融風暴中，為了維護中國經濟不受衝擊，中國政府將人民幣兌美元的匯兌水平壓低至8.28人民幣兌1美元。此時，各國包含歐、美與日本等工業大國開始抨擊中國政府刻意操作匯率，並持續對中國施壓要求開放匯率的自由化。因此，本文最主要的目的是研究究竟人民幣匯率是否如外界所言的被大幅低估，被低估的程度為多少，並希望透過本篇論文來看到人 民幣未來前景的展望。 結果顯示，儘管人民幣過去確實遭到大幅低估，幅度約在30%~65%之間不等。但隨著中國政府對人民幣匯率政策的改革與開放，人民幣被低估的情況確實持續的改善，根據本篇研究，如今人民幣僅受到些微低估，與國際貨幣基金組織(IMF)2013年5月份所發佈的年度評估報告所顯示的一致，突顯出美國政府與國會議員實在是沒有任何理由在人民幣匯率上持續大做文章。人民幣未來的方向應朝著擴大國際化與自由匯兌的方向前進，在不久的將來，人民幣或將成為全球第 3大的國際貨幣。 / From the collapse of Bretton Woods Agreements until now, every country changed their currency policy from fix rate to floating rate. From then on, the world began the war of currency. Indeed, when a country’s currency depreciates, it will have some positive effect on export industries and can also improve the long term trade deficit such as US and Japan. But when one currency depreciate, there must be a currency that appreciate. For example, China. Thanks to the quickly growth of economy, China gained a lot of trade surplus and accumulated huge foreign exchange reserve in a short time. And during the financial crisis, China government fixed the exchange rate at 8.28 RMB to 1 US dollar in order to protect their economy. At that time, many country including Europe, USA and Japan, criticized that China government attempt to control the exchange rate and they continually put pressure on China government asking China government to give up the control of exchange rate. As a result, this paper focus on the exchange rate of China RMB in order to find out whether the RMB is really been undervalued and how much the RMB has been undervalued. And we hope that we can look into the future of the China RMB. According to the research, we find out that although RMB had really been overvalued in the past. The situation has improved after the revolution and become more open of China government. Our result shows that recently the China RMB is just been slightly undervalued in accordance with the report published by IMF in 2013/05. Those report shows that there is no reason for the US to make any criticize on the exchange rate of China RMB. We think that what China government should do is to make RMB more internationalized and free of exchange. We believe that RMB may become one of the biggest currencies in the future.