Chinese companies’ near-record offshore borrowing in May was partially the result of Beijing’s efforts to support the weakening renminbi, according to bankers.
Mainland groups issued $19.2bn of bonds in international markets — the third-highest month on record, according to Dealogic data — even as they spurned local markets in a dramatic switch from their behaviour since last August when China stunned global markets by devaluing the renminbi.
Leading the charge have been state-backed groups including China Development Bank, China Huarong Asset Management and State Grid, which between them issued bonds worth $7.3bn in dollars and euros in May.
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