Panda bonds hit 213.98B yuan in first eight months of 2025

The signal here is less the headline volume than the direction of travel: foreign issuers are increasingly willing to fund themselves in onshore renminbi, and a broadening set of overseas institutions is gaining access to the interbank market. That matters for the wider RWA and tokenisation debate, because deeper, more accessible onshore channels change the calculus for anyone weighing yuan exposure against offshore alternatives. Whether the new-entrant count keeps pace with issuance, or issuance stays concentrated among a handful of repeat sovereign and policy names, is the open question.