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💵 Dollar just lost another customer — Brazil to issue yuan bonds every year Brazil plans to issue yuan-denominated panda bonds in China on an annual basis, aiming to make the yuan a permanent part of its external financing, the South China Morning Post reports. Why it matters: 🔶 Brazil's first panda bond could come before the end of 2026 — possibly raising up to 1.48 billion yuan 🔶 Yuan borrowing is much cheaper: foreign issuers pay around 1.97% on average, compared to 4.5–5.5% for dollar debt 🔶 Brazil wants to establish a yuan-denominated sovereign yield curve — a benchmark for Brazilian companies borrowing in China The move makes Brazil the first Latin American sovereign to enter China's panda bond market — and signals a deeper shift toward yuan-based financing.