The Yen's Successor

Why Wall Street is borrowing renminbi at a record pace — and what Beijing's offshore engineering means for global allocators.

Offshore renminbi borrowing has crossed Rmb300bn year-to-date, more than double the pace at the same point in 2025 — itself a record year. Goldman Sachs alone has raised Rmb32.1bn through dim sum bonds, making it the second-largest issuer in the market behind only Bank of China. The borrower list now spans Portugal, Korea Development Bank, Finland's MuniFin, Indonesia's sovereign and a roster of European credit agencies. This is no longer an Asia-curio market. It is a global funding venue.

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