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 confrontation [2][4]. 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 [2]. - The internationalization of RMB is a historical process driven by market demand and the reshaping of global trade patterns, rather than a unilateral push by China [2][5]. - As of Q4 2024, RMB assets in global foreign exchange reserves are approximately $247 billion, with over 80 countries incorporating RMB into their reserves [3]. Group 2: Global Market Trends - The issuance of RMB-denominated bonds is becoming more common, with countries like Hungary, UAE, and Indonesia participating, while the scale of "Panda bonds" issued by foreign institutions in China continues to grow [3]. - In October, RMB's share in global trade financing reached 8.5%, making it the second most used currency in this sector [3]. - The preference for RMB is driven by economic considerations, as it offers relative stability and lower volatility compared to other currencies amid fluctuating interest rates and rising debt risks in developed economies [4]. Group 3: Economic Considerations - The increasing global interest in RMB reflects a market-driven trust, as investors seek to optimize portfolios and diversify risks rather than align with any ideological stance [4]. - The international status of a currency is built on long-term economic strength, institutional trust, and market acceptance, with RMB's rise supported by China's economic resilience and ongoing financial openness [4]. - The current global monetary system is undergoing structural changes, transitioning from a dollar-dominated framework to a multi-centered system, with RMB contributing to this evolution [4]. Group 4: China's Approach - China maintains a calm and steady approach to RMB internationalization, emphasizing market-driven and voluntary participation rather than seeking currency hegemony [5]. - The internationalization of RMB is a natural outcome of China's economic development and openness, contrasting with other nations that rely on military alliances and political pressure to maintain currency status [5]. - The preference for RMB is seen as a realistic choice in a complex world, highlighting the need for more options rather than confrontation [5].