西方制裁逼出大招，俄罗斯砸下200亿人民币债券！美元收割时代或将终结

Core Viewpoint - The issuance of sovereign bonds by Russia, totaling 20 billion RMB, marks a significant step in defining national credit using the RMB, driven by the need for alternative financing due to Western sanctions [1][3][13]. Group 1: Bond Issuance Details - The bond issuance consists of two tranches: 12 billion RMB maturing in 2029 with a 6% interest rate, and 8 billion RMB maturing in 2033 with a 7% interest rate [1]. - The bonds are available for purchase in RMB or rubles, with both principal and interest paid in RMB, indicating a shift towards RMB-based financing [1][4]. - The final coupon rates were reduced by 50 basis points from initial guidance, reflecting stronger-than-expected market demand [1]. Group 2: Market Context and Demand - The push for RMB usage in Russia is largely a response to severe financial sanctions imposed by the West, which have restricted access to USD and EUR financing [3]. - In 2023, trade between China and Russia reached a record high of over 220 billion USD, with a significant portion of transactions settled in RMB, establishing a robust RMB liquidity ecosystem in Russia [4][6]. - The share of RMB in Russia's sovereign wealth fund assets has increased from 31% in January 2022 to approximately 57% by November 2025, indicating a growing reliance on RMB [6]. Group 3: Internationalization of RMB - The RMB's share in global trade financing reached 8.5% by October 2024, making it the second most used currency after the USD [8]. - The Cross-Border Interbank Payment System (CIPS) has expanded significantly since its launch in 2015, processing 123.06 trillion RMB in 2023, a 27.27% increase year-on-year [9]. - The demand for RMB-denominated bonds from foreign entities is rising, with record issuances of "Panda bonds" and "Dim Sum bonds" in 2024, indicating a broader acceptance of RMB in international markets [11]. Group 4: Geopolitical Implications - The issuance of RMB sovereign bonds is seen as a demonstration of the RMB's internationalization and a potential shift towards a "de-dollarization" trend globally [13]. - Western media views this financial activity as part of geopolitical competition, suggesting it enhances China's global influence and challenges the USD-dominated financial system [14]. - The bond issuance provides a practical example for other countries with trade surpluses with China to consider RMB financing, especially those seeking to diversify away from USD [14].