Central banks turn to RMB assets

The international brigade

In the most recent round of offshore dim sum bond issuance in July central banks were estimated to have taken close to 60% of the ticket, though getting sellers to disclose exact figures or names of buyers is a challenge – central bank investment activities are notoriously secretive.

On one level, the involvement of central banks in RMB is counterintuitive: the market opened in 2007 and has only been seriously active since 2010. Relative to the size of China’s economy, the offshore market is not