俄罗斯即将发行首支人民币主权债券，“将助推人民币国际地位和去美元化”

Core Viewpoint - Russia is set to issue its first sovereign bond denominated in RMB, which will enhance the international status of the Chinese currency [1][3]. Group 1: Bond Issuance Details - The Russian Ministry of Finance will start accepting subscriptions for two domestic RMB-denominated bonds on December 2, with a target coupon rate of 6.25%-6.5% for the 3.2-year bond and a maximum rate of 7.5% for the 7.5-year bond [1]. - This issuance is driven by a significant trade surplus with China, leading Russian exporters to hold large amounts of RMB, while facing a fiscal deficit and limited access to USD and EUR financing [1][3]. Group 2: Historical Context and Market Dynamics - The idea of issuing RMB sovereign bonds in Russia dates back to 2015, following sanctions that isolated Russian enterprises from global capital markets [3]. - In the first ten months of this year, China's trade deficit with Russia reached $19 billion, the highest since 2022, despite stable energy product purchases [3]. Group 3: Broader Implications for RMB Internationalization - The issuance of RMB sovereign bonds is seen as a significant step towards the internationalization of the RMB and a structural shift away from reliance on the USD [1][5]. - Analysts suggest that the expansion of RMB holdings in Russia's sovereign wealth fund, which increased from 31% to 57% in less than two years, will support the development of cross-border RMB payment infrastructure [5]. Group 4: Global Trends in RMB Financing - The issuance of offshore RMB bonds (known as "dim sum bonds") has reached a record of 855 billion RMB this year, while "panda bonds" issued in China by foreign borrowers also hit a historic high of 195 billion RMB [4]. - Countries like Kazakhstan and Kenya are exploring RMB financing options, indicating a growing trend in the use of RMB for international debt [4]. Group 5: Economic Perspectives - Economists suggest that the issuance of RMB bonds by Russia could set a precedent for other countries, potentially leading to a broader acceptance of RMB in global finance [6]. - The ongoing geopolitical tensions and the shift towards a bipolar currency system may challenge the dominance of the USD in the coming decade [6].