Issuance of renminbi debt outside mainland China is heading for a record high this year, as low Chinese interest rates make the currency an attractive funding option and businesses and bond investors rethink their exposure to dollar assets.
Offshore issuance of renminbi debt — known as “dim sum” bonds because most are issued in Hong Kong, where the Cantonese cuisine is popular — has hit Rmb475bn ($66.3bn) so far in 2025, on track to surpass last year’s record high, as issuers take advantage of borrowing costs near record lows.
“We will continue to see an accelerated pace of dim sum issuance,” said Jason Pang, senior portfolio manager and Asia local rates and foreign exchange lead at JPMorgan Asset Management.
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