KfW deepens offshore renminbi market

Hong Kong's dim sum bond market has been growing strongly over the past 36 months.

The HK$20bn issuance, denominated in multiple currencies, is a global record for the largest digital bond.

Shanghai has been handed more tools, including the acceleration of offshore loans and digital trade, to aid offshore financial services in a boost to the city as a global financial hub; there is also cooperation with Hong Kong.

The offering, which will go towards railway projects and sustainability goals, included a record HK$3bn 30-year tranche.

The HKMA and CMU OmniClear are leading Hong Kong’s ambitions to internationalise the use of Chinese bonds in global trading. The development of the innovative infrastructure represents a breakthrough for Rmb repos, clearing, settlement and custody.

James Garforth joins the asset manager as principal, Asia direct lending, from BGH Capital.