China Offshore Dim Sum Bond Issuance Hits Record High in 2025

The record pace reflects deepening offshore renminbi liquidity and sustained issuer demand for funding outside the mainland, even as the onshore market remains tightly managed. It matters most for corporate and sovereign borrowers seeking currency diversification, and for the broader push to internationalise the renminbi. Whether issuance can hold above 2024 levels through year-end — and whether the mix shifts toward longer tenors — is the open question.