普京要人民币有大用处，俄罗斯准备把好钢用在刀刃上

Core Viewpoint - The Russian government is strategically utilizing the issuance of RMB-denominated bonds, not primarily to fill budget deficits, but to establish a benchmark for future corporate borrowing in RMB [2][7]. Group 1: Issuance of RMB-Denominated Bonds - Russia's Ministry of Finance recently issued RMB-denominated sovereign bonds totaling 20 billion RMB, approximately 230 billion rubles at current exchange rates [2]. - The issuance is not intended to address the current budget deficit, which has reached unprecedented levels, with a fiscal deficit nearing 3.7 trillion rubles in the first half of the year, over five times that of the same period last year [2]. - The primary goal of issuing these bonds is to create a yield curve that will help clarify the pricing of RMB in Russia, facilitating future corporate bond issuance [7]. Group 2: Risks and Considerations - Borrowing in foreign currencies, including RMB, carries exchange rate risks, particularly as the ruble's value fluctuates against the RMB [4]. - The majority of investors purchasing these RMB bonds are domestic Russian banks and financial institutions, which raises questions about the necessity of issuing foreign currency debt when domestic ruble bonds could suffice [6]. - The current RMB market in Russia lacks sufficient scale and liquidity to support large-scale debt financing, limiting the issuance to small-scale pilot projects [9]. Group 3: Strategic Importance of RMB - The Russian government emphasizes the strategic value of RMB in trade settlements and market pricing, rather than merely as a tool for large-scale borrowing [9]. - The issuance of RMB bonds is seen as a way to ensure that the currency can be used effectively in trade, without compromising the liquidity needed for trade settlements [9].