China Wary of Choking on Dollar Driving Hong Kong Dim Sum Bonds

The helicopter swooped over Hong Kong’s Victoria Harbor trailing a huge red-and-white banner: RMB SOVEREIGN BONDS. There were billboards on buses and banks and at the entrance to the cross-harbor tunnel.

The city’s biggest sale of bonds in China’s currency, the renminbi, may not have blown away the man and woman on the street. Yet the burst of advertising in August did signal just how important the event was to the Beijing government and to the bankers and traders who feed off the Chinese economy, Bloomberg Markets magazine reports in its December issue.