非居民发行人民币债券是衡量人民币自由使用的重要指标之一。伴随着我国利率、汇率改革的不断推进,人民币作为融资货币的需求上升,沉寂近十年的“熊猫债”重现生机。其中存在一些问题需要探讨与解决。熊猫债发行主体2005年2月人民银行会同财政部、国家发展改革委、证监会联合发布了《国际开发机构人民币债券发行管理暂行办 RMB denominated bonds issued by non-residents is one of the important indicators to measure the free use of RMB. With the continuous promotion of the interest rate and exchange rate reform in our country, the demand for renminbi as a financing currency has risen, and the “Panda Debts”, which have been quiet for nearly a decade, have been revitalized. There are some problems that need to be explored and resolved. Panda bonds issued in February 2005 the People’s Bank of China in conjunction with the Ministry of Finance, the National Development and Reform Commission, the Commission jointly issued the "Development Bank of RMB bonds issued Interim Management Office