US banks led by Goldman Sachs have borrowed record amounts of renminbi this year as low interest rates attract more foreigners to China’s offshore debt markets, boosting the role of the currency in global finance.
The jump in bank borrowing is part of a broader surge in the issuance of offshore renminbi-denominated debt, driven by huge demand among yield-hungry mainland Chinese investors as Beijing makes it easier for them to buy fixed-income products in Hong Kong.
While yields in Hong Kong are higher than on the mainland, they are lower than those available to borrowers in most other global markets.
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