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Even so, offshore renminbi liquidity could tighten further if depreciation gathers pace.
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Waning global appetite for the currency, however, has pushed offshore renminbi yields higher.
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However, the offshore renminbi market is not nearly as deep as the Singapore dollar sector.
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The offshore renminbi market is only seven years old and has already surpassed that level.
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Earlier in the year the TPEx emerged as one of the hottest markets for offshore renminbi bonds.
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It has previously sold offshore renminbi bonds.
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In the offshore renminbi market, similar government securities were quoted at 3.647-3.572 percent.
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Holders of offshore renminbi deposits and yuan-denominated dim sum bonds were happy owning assets in an appreciating currency.
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Demand for offshore renminbi bonds has waned since China began easing its monetary policy towards the end of last year.
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In particular, the proceeds are expected to be reinvested in the offshore renminbi market, according to a statement from HM Treasury.
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They added that unrated Chinese issuers could not access the US dollar market, but could access foreign investors via the offshore renminbi market.
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The higher yields on offshore renminbi bonds, known as Bao Dao bonds in Taiwan, have attracted the attention of the island's insurance companies.
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People familiar with the development say that CCB Singapore is interested in issuing offshore renminbi bonds after watching rival banks do the same.
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Bankers on the deal said that the timing was key, as offshore renminbi liquidity had improved somewhat, as well as a solid guarantee structure.
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Hong Kong's financial system has also become more intertwined with the mainland, especially as it has emerged as the premier hub for offshore renminbi business.
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The offshore renminbi rallied as much as 2.6 per cent against the dollar to Rmb6.7853 (93.9 cent) for its strongest level since early November.
