The UK two weeks ago became the first western government to issue paper in the Chinese currency. But changes in the market mean offshore issues from foreign entities are scarcer this year.

Although the Chinese currency is now the world's eighth most traded currency, it cannot be freely shipped in and out of the country, which has led to the creation of a market for renminbi bonds outside mainland China. This is used by both Chinese and non-Chinese entities and is separate from the onshore bond market.