Abstract: RMB internationalization is the same process as it competes in the world currency system. These factors as the issuing country’s overall competitiveness, the features of the currency, regional policy and scale effects, will influence the final market structure. By studying the function index of dollar, euro, pound, yen and RMB, a conclusion can be reached that dollar is still in the leading position, though challenged by its rivals, and RMB has achieved some progress in the competition. From the perspective of substitution, to win the game between RMB and dollar, the compensation that equals the seigniorage revenue will be a smooth way out, and this also enhances RMB’s competitiveness.