The economic operation in our country demands that designation of the RMB exchange rate follow two stages. The first stage is from the present to the time when RMB can be exchanged freely for regular projcets. During this period of time the exchange rate model is of a combination of regular exchange plus policy variables. The second stage refers to a transition from free exchange of regular projects to completely free cxchange of capital in a model of an open market of capital. Decisive aspects and parameters for the exchange rate at each stage demonstrate sharp differences.