Research conclusions: The impact of the appreciation of RMB on undertaking the international engineering projects lies in the project income and project expenditure．As there are different ways of valuation，the appreciation of the RMB has much greater impact on lump—sum valuation after the completion of a project than on periodic valuation．Besides，in terms of project cost，the appreciation mainly affects mechanical equipment cost and labor cost rather than material cost．In order to reduce or avoid the loss brought about by the appreciation，the construction enterprise Can take some measures for avoiding risk，such as accepting and valuating works by month，requiring advance payment，in—time currency swap，fixing exchange rate and trading resources with projects．