Chinese currency's global rise set to spur sale of Beijing's 12b yuan dim sum bonds

Hong Kong

CHINA'S planned 12 billion yuan (S$2.54 billion) sovereign dim sum bond sale looks set to be as strong as the pace at which global finance hubs are adopting the yuan.

The currency has risen 1.8 per cent against the US dollar since the Ministry of Finance's last debt sale in Hong Kong on May 21, as the number of cities with clearing banks for its use grew to 11, spanning the globe from Seoul to Doha to Toronto.

It was the seventh most-used currency in global payments in September, when direct trading with the euro started in Shanghai. China signed about 545 billion yuan in swap agreements i…