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New offshore renminbi bond market issuances plunge 964%
Renminbi internationalization encountering new problems.
New issuance of renminbi-denominated debt in Hong Kong totaled just US$48.9 million in July, a massive loss of 964% compared to June's US$1.4 billion.
Analysts believe the sudden cooling of the market might be because the renminbi’s internationalization process has entered a new stage, and is encountering new problems.
They noted that the unilateral appreciation of the renminbi has changed, which may point to more risks. Because of the renminbi’s rise, offshore renminbi issuers need to develop new ways to attract investors as the old model is no longer sustainable.
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