突发：俄罗斯开始发人民币国债！把中国推上全球金融新战场！

Core Insights - Russia officially issued state bonds denominated in RMB on December 2, marking a significant financial event in Sino-Russian relations and a rare fissure in the dollar-dominated financial system [1][3] Group 1: Reasons for the Shift - The timing of this decision is clear: Russia has been excluded from the dollar system and is now reliant on the RMB due to sanctions imposed by the US and Europe following the Ukraine conflict, which included freezing foreign exchange and banning dollar settlements [3] - The international acceptance of the ruble has sharply declined, while the euro is also becoming increasingly difficult to use, leaving the RMB as the only major currency available for global transactions without US interference [3] Group 2: Financial Dynamics - Russia has accumulated a significant amount of RMB as it sells more commodities to China than it buys, leading to a situation where Chinese funds are becoming a crucial pillar of Russia's national finances, previously dominated by the dollar [5] - During Putin's visit to India on December 4, a key agenda was to promote the use of RMB for purchasing Russian energy, indicating a trend towards RMB becoming a regional energy currency [7] Group 3: Global Implications - The world is surprised not only by Russia's actions but also by China's willingness to embrace this shift, as there is a growing need for a second currency option amid the visible issues with the dollar, such as high deficits and frequent sanctions [8] - China is not provoking but is steadily making the RMB more usable, with an increasing number of countries borrowing in RMB, more energy transactions being settled in RMB, and more central banks holding RMB assets, indicating a real establishment of a parallel financial system [8] - The issuance of RMB-denominated bonds by Russia signals that the dollar system is facing competition that could replace some of its functions, particularly in key areas like energy, trade, and debt [8]