By collecting the offshore RMB deposit as a measure of the internationalization degree of RMB, while analyzing the state variables and time series data, we empirically analyzed the interactive relationship among the internationalization of RMB，exchange rate fluctuation and Chinese money supply by constructing the state space model and the SVAR model. Results showed that the appreciation of the internationalization of the RMB would lead to the increase of the domestic money supply and the real effective exchange rate of RMB; that money supply in crease was conducive to the expansion of the size of RMB offshore deposits, but real effective exchange rate rise and excess money supply had the opposite effect. This result may be related to the current stage of internationalization of the RMB crossborder RMB trade settlement. Therefore, in the process of promoting the internationalization of RMB, a positive and prudent monetary policy and exchange rate policy should be implemented.