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The panda bond market, in which overseas institutions issue renminbi bonds in China's onshore market, posted record-high issuances by value this year and is poised to attract new issuers, including those from the Middle East and Latin America, in 2025, market mavens said. Foreign issuers' growing interest in panda bonds reflects the rising competitiveness of the renminbi as an alternative international financing currency, bolstering the internationalization of China's currency despite uncertainties posed by the incoming US administration, they added. The panda bond market saw 109 issuances this year worth 194.8 billion yuan ($26.7 billion) as of Friday. The issuance total, according to market tracker Wind Info, was up 26 percent year-on-year, a record high. The growth was driven by growing participation of purely foreign issuers — or overseas issuers without affiliations with Hong Kong-based institutions. Issuances by purely foreign issuers nearly tripled from about 27
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