The China offshore USD bond new issuance climbed to USD67.6 billion in the first half of 2025 (“1H2025”), representing a year-on-year (“y-o-y”) growth of 6.3% compared with the first half of 2024 (“1H2024”), which was mainly supported by strong refinancing needs of existing issuers. On the other hand, the new issuance amount of China offshore RMB bonds increased to USD44.5 billion in 1H2025, up by 8.9% y-o-y.