A theoretical model is developed to study the effects on the Chinese bilateral exports of three real exchange rates, corresponding respectively to the price-competitiveness of Chinese products on the market of considered import country (a traditional effect), on its other export markets (pricing to market effect), and the price-competitiveness of Chinese competitors on the market of this considered import country (i.e. third country effect). The econometric estimations are then applied for Chinese bilateral exports towards eleven industrialized countries for the period from 1980 to 2000. The results show that the three real exchange rates are statistically significant, as well as the demand of the import country and the production capacity of China. The obtained results give thus some political implications on the debate on the reevaluation of Renminbi.