The direct exchange of RMB and Japanese yen is the most direct benefit for China and Japan, which is to save foreign exchange expenses. Direct trading of RMB against Japanese yen can also reduce foreign exchange risk, because it was an indirect transaction before, involving three currencies. Now the RMB and the Japanese yen bypass the direct transaction of the US dollar and avoid the risk of sharp fluctuations in the exchange rate of the US dollar. However, the dollar risk that direct transactions can reduce is limited after all, because the dollars involved in indirect transactions are all bought high or sold low, which is not affected by exchange rate fluctuations. The United States has long enjoyed dollar hegemony. For decades, countries around the world have been paying for the massive consumption of the United States. Since the1960s, countries have been trying to find an international currency that can replace the US dollar, so the International Monetary Fund introduced the Special Drawing Rights (paper gold), but it failed. ? Returning to the pre-war gold standard system may be a hope. However, before finding a currency that can completely replace the US dollar, it may be an expedient measure to let the euro and China dollar occupy a larger share in the international currency market and weaken the hegemonic position of the US dollar. The development of RMB is in this direction.