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Why Wall Street banks and foreign borrowers are rushing to tap China's cheap money
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- Deutsche Bank, as recently as late May, announced that it raised 3.5 billion yuan ($518 million) through a heavily oversubscribed three- and five-year panda bond offering.
- Panda bond issuance has remained robust in recent years.
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Foreign governments, Wall Street banks and multinational companies are flocking to China's domestic bond market as some of the world's cheapest borrowing costs turn the yuan into an increasingly attractive funding currency.
The yuan-denominated bonds, also known as panda bonds, are sold by overseas issuers in China's onshore market and have become a major beneficiary of Beijing's push to internationalize its currency amid a widening gap between Chinese and Western interest rates.
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