China will issue CNY 15.5 billion of sovereign bonds in Hong Kong on April 22, its largest offshore renminbi bond sale since October 2023 and above the CNY 14 billion placed in February. The deal will expand the supply of yuan-denominated assets available to global investors at a time when the currency is being viewed as a relative safe haven amid the conflict involving Iran. The plan follows earlier signals from policymakers about boosting offshore bond issuance, enhancing market liquidity, and consolidating Hong Kong’s position as a core renminbi trading and financing center. While specific details such as maturities have not yet been disclosed, recent issues have attracted robust demand from both international investors and mainland buyers via the Southbound Bond Connect channel, highlighting sustained interest in offshore yuan assets.