量质齐升，构筑人民币跨境投融资“新闭环” 点心债成人民币国际化新引擎

Core Viewpoint - The offshore RMB bond market is entering a high-quality development phase, with the dim sum bond market expected to grow significantly, becoming a key engine for RMB internationalization and creating a new closed loop for cross-border investment and financing [2][8]. Market Growth and Structure Optimization - The dim sum bond market is projected to exceed 1.4 trillion yuan in 2024 and reach 1.5 trillion yuan by 2025, a substantial increase from approximately 250 billion yuan in 2021 [2]. - The market has evolved from being dominated by central banks and financial institutions to including local governments and leading enterprises, indicating a more diversified issuance structure [3]. - City investment enterprises became a major issuer in 2023-2024, with an issuance scale nearing 200 billion yuan, accounting for 28.3% of the total, although this is expected to decline significantly in 2025 due to stricter local debt policies [3][4]. Innovation and Product Development - Recent innovations in the dim sum bond market include the issuance of green offshore RMB bonds and longer-term bonds, enhancing the product variety and maturity structure [5]. - The Ministry of Finance has increased the issuance of offshore RMB government bonds, with international investors showing strong interest in new products [5]. Buyer Dynamics and Market Liquidity - The expansion of the "Southbound Trading" program has introduced non-bank institutions, such as securities firms and fund management companies, increasing market liquidity and trading activity [6]. - The low offshore RMB interest rates, currently around 1.9%, have made dim sum bonds more attractive compared to USD bonds, stimulating investment demand [6][7]. Internationalization and Future Prospects - The development of the dim sum bond market is crucial for the internationalization of the RMB, providing a stable asset allocation channel for investors and enhancing the currency's role as a medium of exchange [8]. - Despite strong growth, challenges remain, including the need for improved investor structure, enhanced secondary market liquidity, and further product innovation [9].