<正>The currency issued by a developing country is often a non international currency. Because of this,they have to use international currencies to pay their imports and international debts.This indicates that they will face more risk in international payments compared with the developed countries whose currencies are often international currencies.To reduce the risk of international payments,accumulating sufficient reserve of international currency is a necessary and unavoidable objective when they are in international markets.Yet such an accumulation requests the surplus in international trade.which can be possible only under the depreciation-oriented fixed exchange regime(DOFER).Besides,the surplus labor in developing economies also implies that the DOFER in developing countries not only helps them catch up with developed countries fast.but also benefits the efficient resource allocation within the worldwide economy.The discussion suggests that an agreement on regular currency exchange between China and U.S.could be a solution to resolving the current dispute on RMB exchange rate.