In the discussion unfolded in this paper, exchange rate pricing is considered in the light of the framework of open macro economy; and the discussion also involves the general equilibrium research.This paper puts forward its perception of the Sticky Equilibrium Exchange Rate Effect Model(SEEREM) by using Open Economy as the macroeconomic framework, profit maximization of manufacturers as microeconomic foundation, strict mathematical deduction as logic link, Dornbusch's sticky price as ideological guideline, differential impact form of Purchasing Power Parity as theoretical foundation, and comprehensively applying the models and methods such as optimization method, time series single equation, etc.This paper sets an imaginary price for the exchange rates for conversion from RMB to US dollars from 1992 to 2000 and predicts the pricing of 2001 by using the SEEREM for the conversion from RMB to US dollars.Using it as a standard, this paper conducts elasticity analysis on the relation of market exchange rate deviation and current items from 1992 to 2001.