Sales of cross-border debt denominated in renminbi have boomed this year, as relatively low yields in China’s bond market boost Beijing’s drive to increase the international footprint of its currency.
Sales of renminbi-denominated “panda” bonds by foreign issuers in China have risen to Rmb75bn so far in 2023 — already surpassing the full-year record set in 2021.
Issuance of renminbi-denominated “dim sum” bonds in Hong Kong is also at a new high over the same period, having topped Rmb320bn, according to data from Bloomberg and Chinese data provider Wind.
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