THE BROAD VIEW
Wall Street is helping China build a global renminbi
US companies are issuing more yuan-dominated bonds to tap into vast Chinese savings
IT WAS a hamburger giant that introduced corporate America to dim sum – not the dumplings, but the offshore renminbi debt commonly known by that name.
And now, after two turbulent eras and multiple rebirths, it is Wall Street’s turn to tap the market in Hong Kong – though for reasons very different from when McDonald’s sold these bonds 16 years ago.
The world’s systemically important banks have raised 134 billion yuan (US$20 billion) in dim sum bonds so far this year, nearly treble their total for all of 2025.
