In recent years，with regard to the whole world，both China’s real estate prices and RMB exchange rate have been representing great diving momentum. In author’s point of view，instead of land-price，the hot money followed by expectation of REM’s appreciation is the real reason by which should take responsible for house-prices appreciation，this paper presents an analysis of mechanism between RMB exchange rate and China’s house-prices，at last，the author gives some suggestions on policy support level.