Recently, with the assistance of institutions such as Deutsche Bank AG, the Indonesian government issued a total of USD 4.5 billion in sovereign bonds in the international capital market, which includes RMB 9.25 billion in offshore renminbi bonds and EUR 2.7 billion in bonds. This is Indonesia's second push for renminbi financing in the international market following its first issuance of offshore renminbi sovereign bonds in 2025. Market participants indicate that against the backdrop of the continuous expansion of the panda bond and dim sum bond markets, the channels for renminbi financing are constantly widening, and emerging market countries are increasingly exploring renminbi financing to promote the diversification of external debt structures. (Shanghai Securities Journal)