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China's panda bond market surges back from COVID lows

Multinationals go on fundraising tear to expand business in China

Employees work at a Daimler-BAIC joint venture plant in Beijing. Daimler has raised 8 billion yuan in panda bonds so far this year.   © Reuters

TOKYO -- Floats of yuan-denominated bonds in mainland China by foreign issuers have bounced back this year as global multinationals bank on the economy's long-term growth outlook to plot business expansion.

For the year through September, 19.5 billion yuan ($3.02 billion) worth of so-called panda bonds have been issued, according to Refinitiv, topping the 2020 total. The sum excludes floats by entities registered in Hong Kong and Macao.

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