“Foreign issuers have been the key driver of this growth this year, last year it was mainly driven by big Chinese tech companies.”

Jameson Zuo
Director of ratings at CSPI Ratings

Recently, the Financial Times (FT) reported on the offshore RMB bond market (“dim sum bonds”) and cited views from Jameson Zuo, Director of Ratings at CSPI Ratings.

The report noted that, with RMB interest rates staying low, the offshore RMB bond market has heated up significantly this year. The issuance size has reached approximately RMB 300 billion, up more than twofold year-on-year. International financial institutions, including Goldman Sachs, have increased their RMB bond issuance, reflecting a rapid rise in global funding demand for RMB financing channels.

One driving factor is that China’s onshore bond yields have remained low, creating a yield spread versus the offshore market that continues to attract inflows. On the other hand, ongoing policy optimization such as the Bond Connect scheme has made it easier for mainland funds to allocate to Hong Kong fixed-income assets, providing an important demand support for the offshore market. Meanwhile, with the rising Japanese yen funding costs, RMB currency is gradually becoming a more attractive alternative  source of funding in international markets.

In this regard, Jameson said, “foreign issuers have been the key driver of this growth this year, last year it was mainly driven by big Chinese tech companies.” This not only reflects international institutions’ recognition of RMB financing cost advantages, but also shows that the role of the offshore RMB market in the global capital market is being strengthened.

With continued policy support and rising investor demand, the offshore RMB bond market is expected to expand further and play an increasingly important role in advancing RMB internationalization.

CSPI Ratings will continue to leverage its international perspective and professional research capabilities to closely track developments in the global credit market and RMB assets, providing high-quality rating services and forward-looking analysis for the market.

Related Readings
Non-rating Action Commentary: The Strategic Calculus Behind Foreign Issuers’ Rush to Dim Sum Bonds

FT Article: Goldman Sachs leads record renminbi borrowing by US banks

About CSPI Ratings

CSPI Ratings (Full name: CSPI Credit Rating Company Limited) is a leading global credit rating agency headquartered in Hong Kong. Licensed by the Hong Kong Securities and Futures Commission (SFC) since 2012, we provide world-class credit insights, combining global benchmarks with an emerging market perspective.

In 2025, CSPI Ratings was recognized by the Mandatory Provident Fund Schemes Authority (MPFA) as an "Approved Credit Rating Agency," joining Hong Kong’s MPF regulatory framework. As of the end of 2024, MPF total assets reached approximately HKD 1.3 trillion.

CSPI Ratings’ analytical excellence is widely recognized. In 2025, we received DMI’s "Best Internationalization Award for a Chinese Rating Agency,". In addition, The Asset named us "Public Finance Rating Agency of the Year – China" in 2024, 2023, and 2022. The China (Macao) Financial Assets Exchange (MOX) also awarded us the "2025 Internationalization Award for Chinese Credit Rating Agencies".

As a member of China Securities Credit Investment Group, CSPI Ratings leverages a strong network of 34 leading Chinese financial institutions. As the international brand of CSCI Pengyuan, we bridge global investors with trusted credit insights.

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