Based on data at industrial levels, this paper estimates ERPT of RMB into China’s exports and its variance across industries. It shows: 1)The ERPT of RMB into China’s exports is incomplete and PTM is prevalent; 2)Industrial variance in RMB’s ERPT to China’s exports is great with manufactures higher than the primary, the less resource-based manufactures higher than the more resource-based ones. However what account is not the fluctuations of the currency but the cost structures of different industries. The above estimation results imply: 1)The incomplete ERPT of RMB will weaken the policy effect of trade balance adjustment through foreign exchange rate; 2) An effective foreign exchange rate policy has to take the commodity structure of China’s exports and cost structure of different industries into consideration.