The China offshore USD bond new issuance grew steadily to USD112.7 billion in 2025, representing a year-on-year (“y-o-y”) growth of 15.6%. The new issuance was mainly attributed to strong refinancing needs and lower interest rates. Meanwhile, the new issuance amount of China offshore RMB bonds reached USD104.8 billion in 2025, up by 10.2% y-o-y.