Offshore yuan bond sales hit 870 billion yuan record in 2025 as dollar weakens

Offshore yuan bond issuance has reached about 870 billion yuan ($123 billion) in 2025, marking a new annual peak after eight straight years of expansion. Issuers are increasingly selling long‑dated dim sum bonds to lock in China's relatively low interest rates, while investors rebalance away from dollar assets amid yuan appreciation. Policy measures such as the July expansion of Southbound Bond Connect are also supporting wider participation and sustained demand for yuan-denominated debt.