China On Course to Sell Record Yuan Sovereign Debt Offshore

(Bloomberg) — China is on track to sell a record amount of yuan-denominated sovereign bonds abroad this year in a move that will help authorities support a weakening currency and boost its global popularity in the long run.

The Ministry of Finance will issue 26 billion yuan ($3.6 billion) of such debt in Hong Kong in the current quarter, starting with a first batch of 16 billion yuan Oct. 25, it said Wednesday in a statement. That will take the annual tally to 55 billion yuan, the most since China issued its first offshore yuan sovereign note in 2009, Bloomberg calculations of official data show.