The arrangement of the exchange rate system has a major impact on a country’s economic development. By comparing the development processes of the exchange rate between Japan and China, the authors find out that there are similarities between them.The change of exchange rates are resulted from the combined effect of the driving force which comes from their domestic economic and social development and international economic and political pressure. Studies clarifies that arrangement of a country’s exchange rate regime should be a manifestation of their will; changes in the RMB exchange rate under the new situation should be based on current national conditions. China should take smooth and cautious approach to avoid to repeat the negative impact of Japanese economy and society caused by the sharp appreciation of the yen, and ensure the China’s stable and rapid economic development under financial crisis.