At the Fifth National Conference on Finance，President Xi Jinping emphasized that “we must improve the system and mechanisms of the foreign exchange market”.In 2017，from the perspective of the “Troika”，composed of the opening up of the trade and investment and finance industries，the reform of the exchange rate formation mechanism，and the reduction of foreign exchange management，which were cooperated with each other，the foreign exchange management has been greatly improved in the “New Era”.With the steady progress of authenticity review，facilitation and balanced supervision，new improvements were made in the direct investment，cross-border foreign exchange credit and foreign exchange management in capital markets.The financial sector opening up has continued orderly，together with the steadily progressing of capital account convertibility.As the important strategic asset of the country，foreign exchange reserves is gradually becoming “buffer” and “shock absorber” of external shocks.The RMB exchange rate is basically stabilizing at the levels of reasonable and equilibrium.In accordance with the report of the 19th National Congress of the CPC，China's foreign exchange management must further promote the rationalization of factor prices and promote the formation of a mechanism for efficient allocation of social resources by financial institutions in 2018.From the perspective of the economic efficiency of China's foreign exchange market organizations，the foreign exchange market must expand the hierarchy of market participants；improve the reforms of RMB bond market and developments of RMB assets；resolve the risks of RMB internationalization，in order to provide the necessary conditions for economic restructuring，and further to form a virtuous circle of the financial sector opening up，exchange rate reform and balance of payments sound equilibrium.