Despite audacious plans to internationalise the renminbi, China and its companies have become an increasingly important presence in global dollar bond markets. Issuance so far this year has reached a record $202bn, up from $183bn over the course of 2017. This year’s issuance has included a record $6bn sovereign dollar bond, the largest such issue since the Chinese government returned to capital markets in 2017. Borrowing by property developers makes up a significant share of this issuance, which has been bolstered in part by recent stabilisation in the dollar-renminbi exchange rate.