This paper employes the behavioral equilibrium exchange rate (BEER)model to estimate the equilibrium real exchange rate of renminbi(RMB).the beer model using the rael effective exchange rate of rmb and economic fundamentals date at the time seriss from 1995.Q1 to 2012.Q4 the equilibrium real exchange rate of rmb is estimated. we apply the methods ADF unit root rest, and the johansen cointegeation test,in order to test the long-run relations between exchange rate and its determinants. Then, we estimate the vector error correction model(VECM) to analize the impulse responses of exchange rate to various shocks. as a result, the deviation between rmb real exchange reate and its equilibrium exchange rete can be measured. The major findings are as follows. first, increases in the term of trade, the productivity and the ratio of M2 over GDP make the equilibrium exchange rate decrease, but increases in net foreign asset and open degree make the equilibrium exchang rate go up. second, real exchange rate has been misaligned several times, showing a weak mean reversion peoperty. Third,the reform of china's exchange rate system in july 21.2005 induced rapid appreciation of the chinese rbm. As a result, misalignment of the chinese rmb has been substantially reduced.