Before it was established, transactions in the international market needed to be converted into dollars (or priced at the middle price of dollars) before the exchange rate could be calculated. Now it is equivalent to directly establishing a direct swap market between RMB and Japanese yen, which can form a direct determination mechanism of RMB and Japanese yen exchange rates. The advantage is that it is convenient for foreign trade, and the disadvantage is that it releases the direct pricing power of exchange rate for Japanese yen capital.