中国发行40亿欧元主权债券，贝森特着急警告中国：别动美国的奶酪

Core Viewpoint - The issuance of €4 billion sovereign bonds by the Chinese Ministry of Finance in Luxembourg has sparked significant market interest and reactions, particularly from the U.S. Treasury Secretary, indicating a potential shift in global financial dynamics [1][3][5]. Group 1: Bond Issuance Details - On November 18, 2025, China issued a total of €4 billion in sovereign bonds, which were well-received, attracting multiple times the expected subscriptions [3][5]. - The bonds were issued in two parts: a 4-year and a 7-year maturity, aimed at global investors to optimize international financing and enhance the acceptance of the renminbi [3][5]. Group 2: Market Reactions - The high demand for these bonds reflects international capital's positive view on China's fiscal stability, repayment capacity, and overall economic outlook [5][17]. - U.S. Treasury Secretary Becerra expressed concerns that this move could undermine the dollar's dominance in global finance, highlighting the sensitivity surrounding China's growing influence [5][7]. Group 3: Strategic Choice of Luxembourg - Luxembourg was chosen for the bond issuance due to its significant role in the European financial system, being a major cross-border fund management center with a stable regulatory environment [9][11]. - The decision to issue bonds in Luxembourg allows China to access the euro system more smoothly while avoiding political interference from larger European nations [11][13]. Group 4: Broader Implications - This bond issuance is part of China's strategy to diversify its financing channels and reduce reliance on the dollar, indicating a trend towards "de-dollarization" [21][23]. - The event signifies a subtle shift in global capital flows and highlights the increasing competition between China and the U.S. in the financial sector [25][27].