James Kynge

But it probably is a sign of something more simple.

And as you said, issuing debt in Chinese and these dim sum bonds is much cheaper than issuing them in the US.

I think Goldman Sachs had to pay about a 3% coupon on its 10-year dim sum bond.

If it had issued the same bond in America, it would have to pay about 5% to 5.7%.

So there is a bit of a differential there.

I also think that this is a move by Goldman Sachs to show cooperation, to show commitment to the Chinese government.

China does like foreign companies issuing these dim sum bonds.

It likes the way this offshore renminbi bond market is getting deeper and bigger.

It thinks that this shows China's rising status in the world.

So I think there's a bit of a nod to Beijing as well.

I don't know whether the US would be worried about that.

I'm really not that sure about that.

But do you think that's a possibility?

Do you think the US will be looking at Goldman thinking, hmm, why are you issuing bonds over there in China?

At the moment, the dim sum bond market is about 260 billion US dollars in size, about 1.8 trillion renminbi, that is, which is really tiny compared to the US bond market.

That's, I mean, roughly about 60 trillion US dollars.

We're talking about a small market, but it's growing quickly.

And I think it's going to become more and more significant.

Yeah, people were talking about this when I was in China recently a little bit.

And my sense is rather similar to yours, actually.