The China offshore USD bond new issuance met a plummet in 2023, with the issuance amount falling to USD62.3 billion from USD102.5 billion in 2022, representing a year-on-year decrease of 39.2%. This was mainly due to the interest rate hikes, more tightened regulation on mid- and long-term offshore bond issuance, and lower investor confidence due to sustained credit events in the offshore bond market. On the contrary, the China offshore RMB bond new issuance achieved considerable growth in 2023, and the issuance amount hit a record high of USD40.8 billion.