The "Oil Renminbi" is on the rise in Africa and it is seen as a milestone for RMB internationalization. ANBOUND research team believes that the overseas development of RMB is inseparable from the support of circulation. However, it is not easy to construct RMB circulation as it depends on RMB free convertibility. Currently, it is not possible for China to fully construct RMB circulation in the short term. The government needs to put more effort on RMB internationalization as well as kick start the comprehensive deepening reform.