社评：人民币受青睐是现实选择，不是对抗游戏

Core Viewpoint - The issuance of sovereign bonds denominated in RMB by Russia marks a significant step in the internationalization of the Chinese currency, driven by market logic and global trade dynamics rather than geopolitical rivalry [1][2][3] Group 1: RMB Internationalization - Russia will issue its first sovereign bonds in RMB on December 8, with subscription starting on December 2, highlighting the growing acceptance of RMB in global markets [1] - The total amount of RMB assets in global foreign exchange reserves is approximately $247 billion, with over 80 countries incorporating RMB into their reserves [2] - The share of RMB in global trade financing reached 8.5% in October, making it the second most used currency in this sector [2] Group 2: Economic Considerations - The increasing preference for RMB is driven by economic factors, particularly the use of financial sanctions by the U.S., which has made RMB assets attractive due to their relative stability and lower volatility [3] - Investors are motivated to allocate RMB assets not out of ideological alignment but to optimize portfolios, diversify risks, and preserve value [3] Group 3: Global Monetary System - The global monetary system is undergoing structural changes, transitioning from a dollar-dominated framework to a multi-centered system, with RMB's rise supported by China's economic resilience and market appeal [3] - The international status of a currency is built on long-term economic strength, institutional trust, and market acceptance, rather than self-proclamation [3] Group 4: China's Approach - China maintains a cautious and steady approach to RMB internationalization, emphasizing market-driven and voluntary participation rather than seeking currency hegemony [4] - The preference for RMB is seen as a rational choice rather than a confrontational stance, indicating a need for more options in the global financial landscape [4]