The US Treasury yields declined rapidly in the first quarter of 2019 which to some extent reduced the issuance costs of Chinese offshore USD bonds. The implementation of monetary easing policies by the Chinese Government has made the Chinese Government bond yields generally lower in the first quarter of 2019. However, the decline of the Chinese Government bond yields was less than that of the US Treasury yields. The widening of the spread between the two and the appreciation of RMB against the US dollar in the first quarter of 2019 reduced the financing costs of Chinese offshore USD bonds and made them more attractive for investment.