Foreigners Raise Record Yuan Debt in China as Global Issuers Tap Low Rates

(Bloomberg) — Foreign borrowers are raising a record amount of yuan debt in China, as lower interest rates and looser rules boost the appeal of a market designed to help internationalize the nation’s currency.

Sales of so-called panda bonds, or yuan notes from offshore issuers in China’s domestic interbank market, have reached the equivalent of $10.4 billion so far this year, the most ever for the period, Bloomberg-compiled data show.