This paper introduced the three types of crosslinks: capital accumulation, financial capital accumulation and labor market adjustments, into the dynamic computable general equilibrium model to analyze the RMB exchange rate movements on China's employment. The results have shown that RMB appreciation will lead to the increase of labor costs, thus many laborintensive enterprises will lose product price advantages and the unemployment will increase. The impacts of RMB appreciation on different industries are different. The employment situation in the laborintensive industries and exportoriented industries of raw materials will deteriorate, but the impacts on raw materials are positive, and service industries can also benefit from the RMB appreciation, and the impacts of RMB appreciation on China's primary industry jobs are more stable.