In this paper, an efficient method for designing perfect reconstruction (PR) two-channel finite impulse response (FIR) filter banks with low system delay is proposed. It is based on the use of nonlinear-phase FIR function in a structure previously proposed by Phoong et al. (see IEEE Trans. Signal Processing, vol.43, p.649-64, Mar. 1995). The design problem is formulated as a complex polynomial approximation problem and is solved effectively using the Remez exchange algorithm with very low design complexity. Design examples show that filter banks with flexible stopband attenuation and system delay can be readily obtained by the proposed algorithm.