RMB internationalization is currently facing contradictions. Concerned about the depreciation of the RMB and the intensification of capital outflows, the Chinese government has tightened its capital flow to protect the RMB exchange rate. However, this affects the internationalization of the RMB and the overseas RMB position has decreased rapidly. When the exchange rate of RMB stabilizes, if China wants to expand the internationalization of RMB, it will need to re-expand its overseas positions and promote the RMB holdings overseas, which is equivalent to repeating the previous work. The status of this policy should be adjusted.