We　calculate　exchange　intervention　index　to　reflect　the　open　market　operation　of　central　bank,　introduce　the　Hong　Kong＇s　offshore　RMB　exchange　rate　(CNH)　to　establish　Central　bank　reaction　function　and　further　analyze　the　influence　that　CNH　has　on　the　exchange　intervention　activities　of　China＇s　Central　Bank.　We　discover　that　the　influence　is　not　quite　evident　due　to　the　insufficient　development　of　financial　market.　Thus,　we　study　the　relationship　between　offshore　Deutsche　Mark　rate　and　the　exchange　intervention　of　Deutsche　Bundesbank　on　the　basis　that　Mark　has　been　completed　the　whole　development　of　international　currency　offshore　market.