China’s Ministry of Finance successfully issued 7 billion yuan in sovereign bonds in Hong Kong on Wednesday, drawing strong interest from institutional investors with a subscription ratio of 5.22 times, according to an announcement on the ministry’s official website.
The issuance marks the sixth tranche of renminbi-denominated government bonds in 2025 aimed at offshore institutional investors. The offering included：2 billion yuan in 2-year bonds at a coupon rate of 1.43%, 3 billion yuan in 3-year bonds at a coupon rate of 1.45% and 2 billion yuan in 5-year bonds at a coupon rate of 1.65%.
The ministry said the strong demand reflects growing international confidence in renminbi assets, as well as Hong Kong’s role as a key offshore yuan financing hub.
Analysts note that the robust subscription underscores both ample liquidity in Hong Kong’s institutional market and continued appetite for high-quality Chinese sovereign debt amid global interest rate adjustments. The issuance is expected to further support the development of Hong Kong’s offshore yuan bond market and deepen financial connectivity between the mainland and the city.
The ministry is expected to continue its regular yuan bond issuance program in Hong Kong as part of efforts to promote yuan internationalization.
(Note: 1 U.S. dollar equals 7.06 Chinese yuan.)
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