Against the backdrop of RMB internationalization and diverging China-US monetary policy cycles, the cross-border RMB bond market FACES a historic opportunity. As the two pillars of the cross-border RMB bond market, Panda bonds (RMB-denominated bonds issued in Mainland China by overseas entities) and Dim Sum bonds (RMB-denominated bonds issued in offshore markets such as Hong Kong) have grown rapidly in recent years. Cumulative Panda bond issuance has exceeded RMB1 trillion, while annual issuance of Dim Sum bonds has surpassed RMB1 trillion for two successive years.