JPY is restarting its internationalization process to counter pressure stemmed from RMB's competition. ANBOUND research team suggests that RMB internationalization shouldn't be treated lightly, instead it should be viewed from an international macroscopic perspective. RMB, being an international currency-to-be, still has a long way to go, especially in the aspect of domestic market reform and opening. JPY restarts and accelerates its internationalization process, releasing a signal of increasing pressure from RMB’s competition. Therefore, in order to grasp opportunities, the reform in China’s market to support RMB’s internationalization should be promoted quickly.