China’s Sale of Yuan Bonds in Hong Kong Draws Record-Low Yield

China’s biggest yuan bond sale in Hong Kong since 2023 drew record-low yields for both two- and 15-year debt, as Beijing speeds up its push to internationalize the currency and mop up pockets of excess liquidity offshore.

The finance ministry issued a combined 15.5 billion yuan ($2.3 billion) of two- three-, five- and 15-year notes in the city on Wednesday, it said in a statement. The two-year debt was sold at a yield of 1.32% and the 15-year security at 2.08%.