雖然中國政府重申不會在國際壓力下改革人民幣匯率，但其終究在 2005 年 7 月 21 日改革人民幣匯率體制與水平，本文透過貨幣權力關係理論的途徑探討為什麼中國會改變人民幣匯率政策。本文論證了美國是國際貨幣權力關係中的強國，在貨幣權力理論中延遲的權力與轉移的權力上，確認了美國的貨幣權力高於中國，讓美國得以在此一國際貨幣權力關係中向中國施壓，使得中國在人民幣匯率政策上無法說不，而必須改變人民幣實施多年的固定匯率體制。但由於中國並非美國傳統上的盟邦且在軍事、安全面向上並不依賴美國，加上美國貨幣權力並非無限，隨著美國經常帳赤字的擴大，讓中國的改革得以在主觀意願與客觀環境壓力下，以漸進的方式讓人民幣升值。

Although the Chinese government has reiterated that the reform of Renminbi(RMB)exchange rate would not be influenced by international political pressure, it adjusted the exchange rate regime and level on July 21, 2005. The main purpose of the paper is trying to analyze why the Chinese government changed the exchange rate policy through international monetary power theory. The paper proved that the U.S. is a stronger power than China in the dimension of international liquidity, owned reserves, borrowing capacity, degree of openness and adaptability in monetary power relations. It is the reason for the U.S. to successfully pressurize the Chinese government to adjust the exchange rate policy. Although not traditional allies, increasing deficit in current account and independent of the military and security of the U.S., Chinese government appreciated RMB exchange rate and reformed its foreign exchange rate policy gradually.