Abstract: 324 A-share listed companies from 10 subsectors of the manufacturing industry were taken as samples. First each companys foreign exchange risk exposure coefficient was calculated with the traditional two-factor model. Then the influencing factors were obtained through cross-sectional regression, and finally the relationship between foreign exchange risk exposure of subsectors of the manufacturing industry and the influencing factors was analyzed. It was found that 117% of the companies have significant foreign exchange risk exposure under the significance level of 10%, and that foreign exchange risk exposure has a positive correlation with export ratio, quick ratio, net cash flow of operating activities, and a negative correlation with total market value, net profit margin. The further finding is that for companies negatively affected by the appreciation of RMB, foreign exchange risk exposure has a positive correlation with total asset turnover ratio, the growth rate of basic per share earnings, and a negative correlation with research and development costs, and that for companies positively affected by the appreciation of RMB, foreign exchange risk exposure has a negative correlation with the rate of assets and liabilities, the growth rate of basic per share earnings.