China's Dim Sum Market Revives With Biggest Sales Since 2016

China’s offshore yuan bond market is having a renaissance as a stubbornly strong currency and improving liquidity overseas spur a surge in issuance.

Dim Sum bonds were almost written off last year as sales plunged to a seven-year low amid increasing competition from Panda bonds (as onshore notes from foreign issuers are known) and dollar-denominated securities. Now the market is heating up, with issuers raising 20.4 billion yuan ($3.2 billion) in March, the most since September 2016, according to data compiled by Bloomberg.