Reference News Website, December 17 report: According to the Bloomberg website on December 15, offshore RMB bond issuance has set a new record high, which is a new sign of Beijing's progress in the internationalization of the RMB amid the weakening appeal of the US dollar.

Data compiled by Bloomberg showed that the total issuance of so-called "dim sum bonds" this year has reached approximately 870 billion yuan, exceeding the record annual issuance volume of 2024 and achieving growth for eight consecutive years.

The report said this issuance boom is the latest proof of the growing popularity of the RMB in global financial markets. China's lower interest rates have attracted more borrowers, and the strengthening of the RMB has also accelerated investors' selling of US assets. The sharp increase in long-term dim sum bond issuance has reinforced this trend, representing a strong vote of confidence in the future of the RMB.

The report pointed out that issuing long-term bonds was a highlight of 2025. Data compiled by Bloomberg showed that the issuance of at least 10-year dim sum bonds this year set a historical record and was twice the number of last year. Singapore's state investment institution Temasek Holdings, AIG Insurance Group, and Chinese technology giant Tencent issued 30-year bonds, which are still rare in this market.

Song Lin, chief economist for Greater China at ING, said that China's low interest rates are the key driving factor for the issuance of long-term bonds. "Companies that choose to obtain financing at a low cost may believe that China's economic outlook will improve in the coming years."

Economists from Deutsche Bank noted in a report that the optimization of corporate debt structure management has also brought strong demand. "Given the high level of US interest rates, many Chinese companies may want to convert some of their US dollar bonds into RMB bonds, which not only helps reduce financing costs but also reduces exchange rate risks."

The report pointed out that this year's dim sum bond market also attracted sovereign and quasi-sovereign issuers such as the Indonesian government and the Kazakhstan Development Bank, further diversifying the global borrower base.

In its report, Deutsche Bank economists stated that against the backdrop of global search for substitutes for US assets, the Chinese government's increased policy support for the internationalization of the RMB and the recent strengthening of the RMB "should be two strong tailwinds for dim sum bonds." (Translated by Yang Xinpeng)

Original: toutiao.com/article/7584775244422857270/

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