This paper models the determination exchange rates considering the fundamentalists，chartists and carry traders． The heterogeneous equilibrium properties and stability conditions are investigated within the framework of the traders’heterogeneity behavior． The results show that there are seven types of equilibria，including three fundamental equilibria and four non-fundamental equilibria． Besides，non-fundamental equilibria are caused by carry traders． The stability conditions depend on the mean-reverted coefficients of fundamentalists， the extrapolation coefficients of chartists and the discount factors of exchange rates． Finally，the simulation shows that carry traders’activities are largely affected by the interest rate differential between the two currencies and cause exchange rates to deviate from the fundamental equilibrium．