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
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