普京破局！俄主权债首用人民币，中美争锋下这步棋有多狠？

Core Viewpoint - Russia's issuance of sovereign bonds denominated in RMB marks a significant shift in its financial strategy amid Western sanctions, indicating a strategic alignment with China and a move towards de-dollarization in global finance [1][9]. Group 1: Financial Context - Russia's fiscal deficit has surged to 5.7 trillion rubles (approximately 703 billion USD), which is 2.6% of its GDP, exceeding the initial target by five times [3]. - Oil and gas revenues have plummeted by 20% year-on-year, while customs revenue has decreased by 19%, exacerbating the financial crisis [3]. - The Russian Central Bank's benchmark interest rate has soared to 20%, making it unsustainable to issue bonds in rubles due to high interest costs [3]. Group 2: Strategic Implications - The issuance of RMB-denominated bonds is not merely a financial maneuver but a strategic positioning in the context of U.S.-China financial rivalry, providing a counterweight to U.S. dollar dominance [5]. - The Russian Ministry of Finance plans to issue bonds in two maturities: 3 years and 7 years, with a face value of 10,000 RMB, and expects demand to reach 100 billion rubles [5]. - This move is expected to stabilize domestic expectations and strengthen the non-aligned, deep cooperation relationship between Russia and China [5]. Group 3: Global Impact - Russia's decision to issue sovereign debt in RMB challenges the long-standing reliance on the U.S. dollar for sovereign debt issuance, potentially serving as a model for other nations wary of Western sanctions [7]. - The internationalization of the RMB is accelerating, with China having signed currency swap agreements with 43 countries, amounting to over 4.5 trillion RMB [7]. - The shift towards de-dollarization may lead to a more diversified global financial system, reducing the risks associated with single currency fluctuations and promoting economic stability [7][9].