Compared with the constitution which RMB joined into the SDR basket, Chinese exchange rate is more likely in the condition of being strictly controlled. Running the RMB against a basket of currencies, It was automatically considered a transfer of exchange rate sovereignty, or China should take positive action to promote the basic stability of the exchange rate at two levels: domestic and international, and accept the appropriate supervision of IMF. In the reality of the existence of defects in the IMF framework, it should be a feasible measure to combine multilateral supervision and consensus mechanism to improve the international cooperation of exchange rate sovereignty which will most likely reflect fairness and autonomy. Between China and America, Both sides should respect for the exchange rate sovereignty of other countries then facilitate bilateral consensus to multilateral agreements. That is a win-win way for China and the US to jointly contribute to the stability of the global financial order under the G20 mechanism.