The classical exchange rate theory only explains the change of actual exchange rate partially, the reason is that these theories might ignore the national factors and believe that exchange rate is determined by market factors only, or can't reflect the real national target. In fact, a special arrangement about exchange rate will affect the profits of all countries. The change of exchange rate will bring about the redistribution effect of international economic benefits. According to the deseripti0n of national economic power and setting of national utility function, this paper constructs a game model about exchange rate determinati0n and analyses utility change of different parties under various conditions. The model deduction shows that: the game based on economic power determines the change of exchange rate, the influence state of actual exchange rate relative to different parties is isomorphic with the contrast state of different parties’ economic power, that is the larger national economic power, they will strive for more favorable result in change of actual exchange rate and obtain more economic benefits ultimately, and hereby can explain the reason about long term change trend of exchange rate better.

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