Based on the economic background of RMBs internationalization，bi directional exchange rate fluctuations and interest rate market oriented reform，we empirically analyze the interactive relationship among internationalization of RMB，exchange rate fluctuations and the monetary policy by constructing a SVAR model.Results show that：（1）in the short term，internationalization of the RMB has a significant impact on exchange rate and the interest rate.The three variables have the same significant directional fluctuations.It means that，if the degree of internationalization of the RMB improves，the RMB appreciation，market interest rates will rise；（2）in the short term，appreciation of RMB helps to improve the internationalization of RMB，while it has a limited impact in the medium and long term.Monetary policy through the exchange rate impact on the internationalization of the transmission mechanism is effective；and（3）under the background of internationalization of RMB，linkage mechanism between the exchange rate and interest rate is significant，but RMB internationalization has a little impact on the effectiveness of monetary policy.