中国正试图利用其在绿色能源技术领域的领先地位，将人民币打造为国际强势货币。前中国人民银行首席经济学家马骏认为，绿色金融是推动人民币国际化的重要途径。目前人民币仅占全球外汇储备的百分之二、国际结算的百分之四左右，国际化之路仍然漫长，但绿色金融为其提供了独特的突破口。（关键数字：2, 4）
随著中国国内基准利率因经济增长放缓而下降，外国政府和企业纷纷到中国发行「熊猫债券」。二〇二六年前五个月，熊猫债券发行量达到一千三百六十亿元人民币，同比增长百分之九十。巴基斯坦发行了首笔十七点五亿元人民币的绿色熊猫债券，巴西也宣布了类似计划。中国较低的利率环境使得在华发债成为极具吸引力的融资选择，巴基斯坦的三年期熊猫债券票面利率仅为百分之二点五，远低于其美元债券的近百分之七。（关键数字：2026, 90, 2.5, 6.975）
马骏主张，中国不仅能为发展中国家提供低成本融资，还能在技术和项目运营方面给予支持，这是西方金融机构难以匹敌的优势。然而也有人对此持谨慎态度，斯里兰卡和马尔代夫等国曾因中国贷款而陷入债务困境，且近年来中国对发展中国家的净金融转移已转为负数。尽管如此，马骏认为中国生产大量价格低廉的清洁技术产品，使得这种合作更多由经济利益而非地缘政治所驱动。（关键数字：2020, 2024, 24bn）
China is seeking to leverage its dominance in green energy technologies to elevate the renminbi into a major international currency. Ma Jun, former chief economist at the People's Bank of China, argues that green finance could be a key driver of renminbi internationalisation. While the Chinese currency still accounts for only about 2 per cent of global foreign exchange reserves and 4 per cent of international settlements, the growing demand for clean energy investment in developing countries presents a significant opportunity.
Foreign issuers are increasingly tapping China's bond market through so-called panda bonds, attracted by the country's low interest rate environment. Panda bond issuance reached Rmb136bn in the first five months of 2026, surging 90 per cent year on year. Pakistan issued a maiden Rmb1.75bn green panda bond at a coupon of just 2.5 per cent — far below the 6.975 per cent on its recent dollar-denominated issuance — while Brazil has announced plans for its first panda bond to fund sustainable development. The interest rate differential between China and the US has made borrowing in renminbi an increasingly compelling proposition.
Ma Jun contends that China offers developing nations a unique package combining affordable financing, clean technology, and project management expertise — advantages that western financial institutions often cannot match. Critics point to cautionary tales such as Sri Lanka's debt distress from Chinese loans, and data showing that between 2020 and 2024 developing nations' debt service payments to China exceeded new loans by $24bn. Nevertheless, Ma maintains that the relationship is now driven primarily by economics rather than geopolitics, as China produces a vast array of affordable clean technologies that developing countries urgently need to meet their energy transition goals.