Most people agree that the internationalization of RMB follows a three-step strategy, i.e. turn RMB into a settlement currency, investment currency, and reserve currency. The promulgation of the ¡§Administrative Rules on Pilot Program of RMB Settlement of Cross-border Trade Transactions¡¨ on July 2, 2009 demonstrated that China has officially begun to facilitate the use of currency in trade settlement. The start of RMB cross-border trade settlement not only stands for new function of RMB but also brings new opportunities. Therefore, a fundamental motivation for this research is to explore how will it influence correspondent banking business and what business opportunities it offer to correspondent banking business? This thesis takes the case of W Bank, a world leading correspondent banking service provider for example. By discussing value chain of the correspondent banking business and studying the business model of W Bank, we depict how W Bank can exploit the new business opportunity and conclude that W Bank, a U.S.-based bank, remains in a good position to offer RMB-denominated services.