Recently, something quite interesting happened in the financial world — a certain major country is actually going to issue RMB bonds on its own territory.

It's not dollar bonds, it's not euro bonds, it's RMB. Moreover, this matter is quite formal: at the beginning of November, the Ministry of Finance issued a notice, with the first batch sized at 400 billion rubles, divided into three maturities of 3 years, 5 years, and 10 years, to be sold in December.

You might ask: doesn't a country issue bonds in its own currency at home? Yes, normally that is the case. But this time it is different—it's equivalent to the country openly stating: I now need to use your currency to support my national credit.

This is more straightforward than any diplomatic language.

Why did they suddenly do this? Just look at the numbers. Now, over 95% of the business between the two countries is settled in RMB. Imagine, when you buy and sell things almost every day using a certain currency, you naturally have to have enough of that currency in your wallet, right?

The ruble is currently in this state: it requires a large amount of RMB to pay for goods and stabilize the exchange rate, and the foreign exchange reserves have long been converted from USD to RMB. This issuance of sovereign bonds is merely a financial clarification of this economic dependency relationship, which can be seen as a "soft anchoring forced by the market."

But the real interesting part is the subsequent effects.

This country is a major global energy supplier, and now it is using national credit to support the renminbi, essentially providing a model for other countries: bulk commodity trading can be linked to the renminbi, and then the domestic currency can follow the renminbi.

If the oil-rich countries in the Middle East, the manufacturing centers in Southeast Asia, or other emerging economies begin to imitate this approach, it would be spectacular — a "Renminbi circle" parallel to the dollar system may indeed take shape, and the global currency landscape might transform into a situation of "dual giants coexisting."

Therefore, the significance of this bond goes far beyond simple financing. It marks a key leap for the renminbi: from a "settlement tool" to an "anchor benchmark" that can influence the financial policies of other countries.

We are one step closer to the true status of a global reserve currency.