As one of the by-products of the Asian Financial Crisis, the Asian Currency Unit (ACU) was expected by many to have good chances of developing during the 2008 financial tsunami. However, with China surpassing Japan in economic size and the Renminbi becoming much stronger, as to whether China is willing to share its monetary sovereignty with other East Asian countries is now being seriously questioned. China's decision to choose between working with Japan to pursue the ACU project or going it alone to transform the Renminbi into an international reserve currency inevitably involves a delicate calculation. This paper argues that, due to a desire to confront American hegemony and a need to reduce the costs that it would incur due to the Renminbi's internationalization, China does not necessarily oppose the ACU despite its skepticism regarding the project. The ACU still has a chance to prevail as long as it can forge a single currency with the Renminbi on board before China dramatically expands its domestic market and speeds up its financial liberalization.