不缺外汇，为何要发美元债、欧元债？误解背后是我国“精明布局”

Core Viewpoint - The issuance of foreign currency bonds by China, despite having substantial foreign exchange reserves, is a strategic move aimed at establishing a pricing benchmark for domestic enterprises, enhancing global trust, and expanding financial networks [2][3][5][6]. Group 1: Foreign Currency Bond Issuance - China recently issued $4 billion in bonds in Hong Kong and plans to issue €4 billion in Luxembourg, raising questions about the necessity of such actions given its ample foreign exchange reserves [1]. - The total external debt of China, as of June, stands at approximately $24,368 billion, with RMB debt constituting 52% of this total, indicating a significant presence of RMB in the external debt structure [2]. - The issuance of foreign currency bonds serves to set favorable interest rates for Chinese enterprises in international markets, thereby reducing their financing costs [2][3]. Group 2: Strategic Considerations - Issuing foreign currency bonds is a method of credit management and gaining global trust, as evidenced by the high demand for recent bond offerings, including over $100 billion in subscriptions for the Hong Kong bonds [3][5]. - The choice of locations for bond issuance, such as Hong Kong and Luxembourg, is intended to deepen connections with local financial markets and attract diverse international investors [5][6]. - The issuance of foreign currency bonds is also a strategic gesture to facilitate the internationalization of the RMB, as it helps to gain acceptance in major financial centers [5][6]. Group 3: Long-term Implications - Regular issuance of foreign currency bonds maintains cooperation with the international financial ecosystem, ensuring that China remains relevant in global capital markets [6][8]. - The trust established through foreign currency bonds can be leveraged to promote RMB-denominated products in the future, creating a pathway for the internationalization of the RMB [8][9]. - The long-term goal is to convert the established trust into demand for RMB assets, potentially leading to a gradual process of currency substitution [11].