Based on the total export decomposition method, the traditional effective exchange rate measurement model is modified using value-added data. The real effective exchange rate of value-added of China's manufacturing industry as a whole and by industry is measured, and the impact of the real effective exchange rate of value-added on the global value chain of China's manufacturing industry is examined on this basis. The results show that the traditional real effective exchange rate over-estimates the magnitude of RMB exchange rate changes, and there is significant heterogeneity in the trend of the real effective exchange rate of value-added in manufacturing industries by subsectors. An increase in the real effective exchange rate adversely affects the position of China's manufacturing industry as a whole in the global value chain, which is particularly evident in capital-intensive industries, but contributes to the improvement of the global value chain position of labor-intensive and technology-intensive industries. The real effective exchange rate of value-added has an impact on manufacturing GVC position through foreign trade, and this impact is more significant for manufacturing industry as a whole, labor-intensive manufacturing industry and capital-intensive manufacturing industry, but has less impact on technology-intensive manufacturing industry.