Abstract：Using FSR-BVAR model，this paper tests the change of the impact effect of real exchange rate fluctuation on macroeconomic objectives after the introduction of exchange rate expectation，and compares and analyzes the impact effect of real exchange rate and exchange rate expectation on macroeconomic objectives. The results show that exchange rate expectation has a guiding effect on macroeconomic regulation，exchange rate appreciation expectation has a positive guidance on economic growth，international balance of payment，and employment，and a negative guidance on price level；with the introduction of exchange rate expectations，the effectiveness of real exchange rate fluctuations in stabilizing price levels and promoting employment has been significantly improved，there has been no significant change in the effectiveness of promoting economic growth，and the effectiveness of balancing international payments has decreased；under the guidance of expectations，exchange rate expectations are more effective in promoting economic growth and balancing international payments，and real exchange rate fluctuations are more effective in stabilizing prices and promoting employment；after the exchange rate reform，the real exchange rate under the guidance of expectation has significantly improved its regulation ability on economic growth，price level，and international balance of payment，and weakened its impact on employment. However，the regulation effect of exchange rate expectation on economic growth，price level，and employment levelhas weakened，and its impact on international balance of payment enhanced.

Key words：exchange rate expectation；macro control；RMB real exchange rate；FSR-BVAR model