Enlarging and strengthening the RMB debt market is conducive to the circulation of RMB abroad. Panda bonds issued by foreign entities can promote the inflow of RMB into the international market. At the same time, the internationalization of RMB means that RMB will become the settlement currency in national transactions, which means that other countries need to use RMB as foreign exchange reserves of other countries, but you can't let others hold cash in these foreign exchange reserves without generating income. Therefore, expanding China's debt market and forming a good RMB-denominated asset pool can provide high-quality investment targets for other countries, and preserve their value or make profits on their RMB holdings, just as China holds a large amount of dollars.