中国发行美元债，属于顶级阳谋，一鱼多吃，利用美元潮汐虹吸全世界资产的游戏，中国人开始当玩家了

Core Viewpoint - The issuance of US dollar bonds by the Ministry of Finance is a strategic move to leverage global capital markets rather than a sign of financial distress [3][5][9] Group 1: Issuance of US Dollar Bonds - The Ministry of Finance recently issued several billion dollars in sovereign bonds in Hong Kong, which raises questions about the need for borrowing amidst high foreign exchange reserves [3][5] - The high interest rates in the US, with the federal funds rate exceeding 5%, make borrowing expensive, suggesting that the decision to issue dollar bonds is not merely about cost [3][5] - This strategy allows the country to use its credit to borrow dollars from global markets, indicating a shift in approach from traditional methods of accumulating dollars through trade surpluses [5][9] Group 2: Investment Strategy - The funds raised from issuing dollar bonds are likely to be used for investments in high-quality overseas assets, such as mines, ports, or technology, rather than being held in banks for interest [5][9] - This approach mirrors strategies employed by Wall Street players, where borrowed funds are used to generate returns through investments [5][9] Group 3: Global Capital Dynamics - The issuance of dollar bonds allows the country to capture capital that might otherwise flow to the US, thereby redirecting global liquidity towards its own financial instruments [7][9] - The high subscription rates and lower interest rates compared to US Treasury bonds indicate strong global demand for these bonds, reflecting confidence in the country's creditworthiness [7][9] Group 4: Currency Strategy - The issuance of dollar bonds also addresses the challenge of limited international circulation of the Renminbi, as it provides a mechanism to offer Renminbi to international investors upon bond maturity [9][11] - This strategy effectively facilitates the internationalization of the Renminbi, allowing foreign investors to engage in the Chinese market, thus enhancing the currency's global presence [11][13] Group 5: Strategic Implications - The success of this strategy relies on maintaining strong national credit and military strength, as it positions the country to capitalize on vulnerabilities in the global financial system [13] - The approach represents a calculated move to assert influence in international finance, potentially leading to significant geopolitical ramifications [13]