To produce a translucent reflecting sheet of brighter paper white type having high durability when used in a reflective liquid crystal display used together with a backlight.

A transparent oxide layer, a silver layer, a silver-base alloy layer and a transparent oxide layer are successively disposed on a rugged layer formed on a polymer film by applying fine particles and a binder in such a way that the weight of the polymer film is adjusted to be within a specified weight range.