The emergence of Euro has opened the doors of the monetary cooperation. As lack of monetary coordination and cooperation mechanism, the process of China-ASEAN monetary cooperation is nearly stagnate. However, building sub-currency area may meet the reality needs of China and ASEAN countries. Based on VAR model, the article used the relevant annual data from 1983 to 2012 of China mainland, Hongkong and Macao to examine economic impact correlation and the reaction speed. By comparing these empirical results of ASEAN countries we make the conclusion that it is more feasible to carry out Chinese yuan..