According to the behavioral equilibrium exchange rate (BEER) model, this paper uses the real effective exchange rate of RMB as dependent variable and economic fundamentals dates as independent variables based on time series from 1994Q1 to 2013Q4. In order to estimate equilibrium exchange rate of RMB, we make an empirical analysis. The empirical conclusions of this analysisa are as follows. First, there is a kind of cointegration relationship between the real effective exchange rate of RMB and economic fundamentals variables. Second, the equilibrium exchange rate of RMB has a rising tendency from 1994. Third, the exchange rate of RMB are some times devalued and some times overvalued. The long-term equilibrium exchange rate of RMB has a same tendency with the real effective exchange rate of RMB. In short, the exchange rate of RMB is no serious misalignment.