After an unruly sell-off at the end of last year, calm appears to have returned to the offshore renminbi market.
Dim sum bonds and other debt products denominated in the Chinese currency have rallied in recent weeks as investors have become more optimistic about the outlook for the small but fast-growing market in Hong Kong.
Yet, as bondholders learnt to their cost last autumn, the offshore renminbi bond market is volatile and illiquid. The question now is whether dim sum bond yields are high enough to compensate for the risks.
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