The World Rice Model (WRM) was developed based on a partial equilibrium approach in this paper. The impact of a Renminbi (Chinese Yuan) appreciation scenario on the world rice market was projected to 2020 by WRM. The result indicates that Renminbi appreciation in the short term will lead to a drastic change in the international rice price index. When the Renminbi appreciation rate is greater than 4%, the international rice price index will continue to rise; when it is greater than 8%, China will become the largest rice importer in the world.