This paper analyzes the role of panda bonds in the internationalization process of the renminbi (RMB), focusing on the case study of the issuances made by the Brazilian company Suzano in 2024 and 2025. The research contextualizes China s strategy of gradual financial opening, marked by the development of channels for accessing the domestic market, such as QFII, RQFII, Stock Connect, and Bond Connect, and by the creation of a cross-border payment infrastructure, such as CIPS. It argues that panda bonds are a central instrument of this strategy, as they promote the entry of foreign issuers into the Chinese market and expand the use of the RMB as an international financing currency. The case study shows that China s attractiveness stems mainly from its lower capital costs, despite persistent challenges related to the closed capital account, secondary market liquidity, and the short term of issuances. Suzano s experiences show, however, that this market is gaining depth and credibility, and that Brazilian companies with a local presence in China can benefit from this new financing alternative. It can be concluded that panda bonds reinforce China s global financial integration and contribute to the gradual consolidation of the RMB as an international currency.