China’s central bank will raise offshore funding next week, saying it will tender RMB45.4 billion (US$6.3 billion) of three-month and one-year bills in Hong Kong on 25 August. The operation marks the latest in a series of regular liquidity-management exercises by the People’s Bank of China, which uses the bills to gauge overseas demand for renminbi assets and to help anchor the currency’s offshore funding rates. Two days later, the Ministry of Finance will sell a separate RMB12.5 billion tranche of renminbi-denominated sovereign bonds in the territory. It is the fourth batch of Treasury bonds the ministry has issued in Hong Kong this year, underscoring Beijing’s commitment to deepening the city’s role as the primary offshore funding hub for the Chinese currency. The dual offerings come as the “dim sum” bond market accelerates. Offshore renminbi issuance has reached roughly RMB475 billion so far in 2025, according to industry data, putting the market on course for a record annual total. Bankers attribute the surge to comparatively low onshore interest rates and robust investor demand for higher-yielding, renminbi-denominated paper outside mainland China.