Following the experiences of the European Union's euro-zone, a common currency area for Asia is being widely discussed. The main purpose of this paper aims to analyze the possibility of emergence of Asian monetary union, and what the role of Renminbi will be. Economic integration is expected to grow further through the proposed free trade area of China and the ten member countries of ASEAN. A few papers argue that yen will be the anchor of the East-Asian countries. However, while there is more convergence in economic and political conditions in Europe, there are widely uneven economic development patterns both within and between East Asia countries. Furthermore, it is not clear that East Asia is so well suited to be a common currency area. Although there are lots of obstacles to form Asian monetary union, China already enjoys important and rapidly growing trade and investment relations with its Asian neighbors. However, the goal of Renminbi becoming full convertibility is probably still quite far in the future. As long as to solve this problem, Renminbi is rather likely to be a dominant role for the process of Asian monetary integration.