Since 2023, the largest scale: The Ministry of Finance will issue 15.5 billion yuan of RMB government bonds in Hong Kong.

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China's Ministry of Finance is about to issue the largest offshore RMB sovereign bond in over two years in Hong Kong. This move will provide global investors with more RMB-denominated asset options and is seen by the market as an important signal of an accelerated process of RMB internationalization.

According to a Ministry of Finance announcement, the second tranche of 2026 RMB government bonds will be issued in Hong Kong on April 22, with a scale of 15.5 billion yuan. According to data compiled by Bloomberg, this will surpass the 14 billion yuan issuance in February this year, making it the largest "dim sum bond" issuance by the Ministry of Finance since October 2023.

The announcement did not disclose details such as the maturity period; specific information will be revealed through the Hong Kong Monetary Authority's Central Moneymarkets Unit (CMU) system.

The expanded issuance is interpreted by market participants as a direct reflection of ample liquidity in the offshore RMB market and strong local demand. Xing Zhang Bank's Senior Economist, Xie Jiaxi, told Bloomberg that it also reflects the gradual advancement of RMB internationalization supported by solid demand.

In January this year, Zou Lan, Deputy Governor of the People's Bank of China, explicitly stated at the Asian Financial Forum that China will further increase the annual issuance scale of offshore RMB government bonds to boost market activity and enhance RMB pricing power. This 15.5 billion yuan issuance is consistent with the above policy direction.

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