金融珍珠港？俄首发人民币主权债，全球130亿跟进，加速去美元化

Group 1 - Russia announced the issuance of its first sovereign bonds denominated in RMB, marking a significant milestone in the global de-dollarization process [1] - The bonds are divided into two parts: a 3.2-year term with a target coupon rate of 6.25% and a 7.5-year term with a maximum rate of 7.5%, aimed at domestic investors [1] - The issuance is a response to Russia's expanding budget deficit and the cutting off of financing channels in USD and EUR due to Western sanctions [3] Group 2 - China's trade deficit with Russia reached $19 billion in the first ten months of 2025, the highest level since 2022, leading to a significant accumulation of RMB funds by Russian exporters [3] - The issuance of sovereign bonds will provide a yield curve reference for Russian enterprises, facilitating more efficient pricing of RMB debt instruments [3] - The total issuance of RMB bonds by foreign governments reached a record 13 billion RMB in 2025, with notable issuers including Hungary, Indonesia, and Sharjah [3] Group 3 - The share of RMB in global trade finance has risen to 8.5%, making it the second-largest currency after the USD [5] - The proportion of RMB assets in Russia's sovereign wealth fund increased from 31% in January 2022 to 57% in November 2025, highlighting the growing importance of RMB in Russia's financial system [5] - The issuance of RMB bonds by Russia is seen as a potential model for other countries, reflecting a structural shift towards de-dollarization [5][9] Group 4 - The backdrop for these developments includes a decline in USD credibility, with the U.S. national debt surpassing $37 trillion and a projected net deficit increase of over $3.8 trillion in the next decade [5] - The issuance of RMB bonds aligns with the ongoing improvement of infrastructure for RMB internationalization, including the expansion of cross-border payment systems [7] - Emerging markets are reassessing the risks associated with USD assets, leading to increased demand for alternative settlement tools [9]