Core Viewpoint - High interest rates offered by Russia for Panda bonds are a trap that investors should avoid, as they come with significant risks that could lead to substantial financial losses [1][3][5]. Group 1: Investment Risks - The first major risk is the collapse of Russia's national credit, indicated by the high interest rates which reflect the country's difficulty in securing funding and uncertainty in repayment capabilities [17][19]. - Russia's sovereign credit rating has been downgraded to "junk" status by major international rating agencies, contrasting sharply with some domestic agencies that still rate it highly, raising questions about the reliability of these ratings [21][23]. - The economic situation in Russia has deteriorated significantly due to geopolitical conflicts and sanctions, with a substantial number of businesses closing down and key sectors facing severe challenges [23][25]. Group 2: Geopolitical and Sanction Risks - The second major risk is the potential for sanctions, particularly from the U.S. and its allies, which could target Chinese financial institutions involved in the issuance of these bonds, leading to severe repercussions for their international operations [29][31]. - The liquidity of these Russian bonds is extremely low, meaning that even if they hold value, they may be difficult to sell, resulting in a lack of flexibility for investors [37][39]. Group 3: Historical Context and Lessons - Historical precedents, such as the "Qiang Tie" incident involving Russia's financial exploitation in Northeast China, serve as a cautionary tale about trusting financial commitments from Russia [39][41]. - The lessons from past financial tragedies highlight the importance of vigilance and skepticism towards high-yield investments that may mask underlying risks [47][49]. Group 4: Recommendations for Investors - Ordinary retail investors are advised to firmly reject investments in Russian Panda bonds, as the promised returns do not justify the associated risks [52][56]. - Institutional investors should approach these bonds with extreme caution, limiting their exposure and conducting thorough stress tests to mitigate potential losses [54][56].

FT：中国正准备向俄罗斯大型能源公司重新开放国内债券市场。知情人士称，中国金融监管高层在8月底于广州举行的一次会议上告诉俄罗斯能源公司的高管，他们将支持这些能源公司发售以人民币计价的“熊猫债”的计划。 ...

北京商报讯（记者 岳品瑜 董晗萱）7月30日，中国人民银行授权中国外汇交易中心公布，当日银行间外 汇市场人民币汇率中间价为1美元对人民币7.1441元，相较前一交易日中间价7.1511元，调升70个基点。 近日，熊猫债市场迎来首家美资公司的成功发行，摩根士丹利发行5年期20亿元的熊猫债，票面利率仅 1.98%；同时，匈牙利发行3年期40亿元和5年期10亿元的两期熊猫债，分别成为"单笔发行规模最大的 外国政府熊猫债券""首单5年期外国政府熊猫债券"。这反映出，人民币配置价值正日益受到国际资本的 青睐。 截至最新发稿时间9时40分，在岸人民币对美元报7.1736，日内升值0.05%，离岸人民币对美元报 7.1764，升值0.06%。 ...