China’s Yulan Bond Sales Boom in Sign of Deeper Ties With Europe

A corner of China’s credit market is signaling the country’s closer ties with Europe, with a record amount of bonds issued via a mechanism established by the Shanghai Clearing House and its counterpart in Brussels.

Sales of so-called Yulan notes rose 53% on year to the equivalent of $1.2 billion in 2025, the highest since the debt instrument’s debut in 2021, data compiled by Bloomberg show.