- Russia plans to issue its first bonds denominated in the Chinese yuan in December 2025.
- The bonds will have maturities between three to seven years, with a base value of approximately $1,400 per bond.
- This move highlights closer economic ties between Russia and China within the BRICS group.
- BRICS members are increasingly considering yuan-denominated bonds to finance government projects.
- While Russia is adopting yuan for trade, some members like India and Brazil remain cautious about extensive yuan use.
Russia announced plans to issue its first government bonds denominated in the Chinese yuan on December 8, 2025. The Russian Finance Ministry said the bond issue’s volume and coupon rates will be finalized after collecting bids by December 2, 2025. The bonds will have maturities ranging from three to seven years, with a base value of 10,000 yuan—roughly $1,400—and coupon periods every 182 days, according to the Ministry’s statement reported here.
The yuan bond issuance underscores the strong economic relationship between Russia and China, both members of the BRICS group. The move reflects the growing interest among BRICS nations in using the yuan, which is emerging as a key currency for funding governmental projects. China has been actively promoting international use of the yuan, often offering lower interest rates for loans repaid in its currency.
The Xi Jinping administration has taken a leading role in increasing the yuan’s presence in BRICS transactions. Russia has begun trading with China using local currencies—ruble and yuan. However, other BRICS members like India and Brazil have been hesitant to fully embrace the yuan, preferring to support their own domestic currencies in trade.
This development occurs as the yuan is gaining ground in global finance and replacing the U.S. dollar as a dominant currency in certain markets, including Russia. The yuan bonds are expected to provide investors with standing coupon yields and are part of broader efforts by BRICS members to diversify away from the dollar.
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