The Chinese renminbi was a more popular currency for company bond sales than the euro for the first time in the third quarter, underlining the debilitating effect of the eurozone’s sovereign debt crisis, while China has nurtured its own, potentially huge bond market.

Renminbi-denominated corporate bond issuance by non-financial companies remained relatively steady at Rmb200bn ($31.1bn) in the third quarter, while euro-denominated sales more than halved to $26.4bn, according to Dealogic, a data provider. The shift is largely due to the severe stresses in Europe’s financial system, but also reflects Chinese efforts to develop and internationalise its own capital markets.

“This is a clear demonstration that emerging markets have emerged,” said Hakan Wohlin, a senior banker at Deutsche Bank. “It’s an extremely positive development for global capital markets.”