中国的财政部，要干美联储发行美元美债的事了。美国别想收割世界

Core Viewpoint - The Chinese Ministry of Finance plans to issue USD-denominated sovereign bonds in Hong Kong, with a scale not exceeding 40 billion, marking a significant move in the context of US-China negotiations [1] Group 1: Financial Mechanisms and Policies - The second meeting of the joint working group between the Ministry of Finance and the People's Bank of China signifies a new phase of coordination between fiscal and monetary policies, aiming to create a unique macro-control system [3] - The resumption of central bank operations in government bond trading is expected to provide monetary support for growth policies in the fourth quarter of 2024 [8][10] - The issuance of offshore RMB bonds is a key strategy to enhance the role of Hong Kong as a major offshore RMB center, providing stable RMB asset options for foreign investors [10][26] Group 2: Debt Structure and Economic Comparison - China's total M2 money supply reached 304 trillion RMB (approximately 42.1 trillion USD) by Q3 2025, significantly higher than the US's 20.8 trillion USD, yet maintaining moderate CPI growth [12] - As of 2025, China's total government debt is 92.6 trillion RMB (approximately 12.3 trillion USD), with a debt-to-GDP ratio of 68.64%, contrasting with the US's 127% ratio [15][18] - Unlike the US, where debt is primarily used for consumption, about 60% of China's government debt is allocated to high-quality assets like transportation and energy [12][15] Group 3: Internationalization of RMB - The RMB internationalization index reached 5.68% in 2025, making it the third-largest international currency, but still trailing behind the US dollar [20] - The proportion of RMB settlements in trade with countries along the Belt and Road has increased from 15% in 2020 to 28% in 2025, particularly in energy trade [22] - The use of RMB in energy cooperation with Russia has exceeded 45%, showcasing a successful model that is being replicated in other regions [24] Group 4: Market Dynamics and Global Impact - The offshore RMB center in Hong Kong saw a trading volume of 8.6 trillion RMB in the first half of 2025, a 35% increase from the previous year, enhancing its role as a cross-border payment hub [26] - The exploration of a financial development path distinct from the US aims to provide a more stable global economic environment, countering the "harvesting" model associated with US dollar dominance [27]