Foreigners Raise Record Yuan Debt in China as Global Issuers Tap Low Rates
- Issuance has hit a record $10.4 billion so far this year
- Market expansion will aid Beijing’s goal to globalize the yuan
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Foreign borrowers are raising a record amount of yuan debt in China, as lower interest rates and looser rules boost the appeal of a market designed to help internationalize the nation’s currency.
Sales of so-called panda bonds, or yuan notes from offshore issuers in China’s domestic interbank market, have reached the equivalent of $10.4 billion so far this year, the most ever for the period, Bloomberg-compiled data show.