James Kynge

I do think this is a very interesting trend.

My prediction is that by the end of 2030, the market for dim sum bonds will be worth more

than 10 trillion renminbi.

That's up from about 1.8 trillion now.

So I think it's going to increase by more than five times by the end of 2030.

And the reason I think it's an interesting topic and an interesting trend is because

This is effectively China's offshore renminbi market that we're talking about.

A lot of foreign companies can go and issue bonds in renminbi in this market, and a lot of foreigners can buy these bonds if they like.

But this is a different thing.

Obviously, the size of the market is nothing compared to the US Treasury bond market or the Japanese government bond market, but it's significant and it's going to grow quickly.

Yeah, that's such a fascinating topic.

Yeah, really interesting.

There is really a gold rush now, a frenzy in the US and in other countries around the world to get hold of these cheap Chinese tokens.

And that's the reason why this is becoming a geopolitical issue, because

A lot of startups in Silicon Valley are preferring to use Chinese tokens, in other words, Chinese either agentic AI or LLMs, to power their startups, to power their technology.

And that's making a lot of people in the US quite concerned, both from a technological perspective and from a geopolitical perspective.

And I'm James King.

Yeah, I had a fascinating time in China, I must say.

Talking about these tokens may sound a little bit wonky, a little bit in the weeds.

But in reality, what we're talking about, as you've just alluded to, is the fact that the digital age is being powered to a very significant extent by AI tokens.