According to a BofA Global Research report, Hong Kong's offshore RMB bond market is becoming an increasingly important funding source for global banks, with Bank of America being a major driver of the surge in issuance. As of October 20, Dim Sum bond issuance reached RMB 774 billion (approximately USD 116 billion), a 68% year-on-year increase. Although the traditional funding advantage of RMB relative to the USD is narrowing, its appeal to Bank of America is increasingly reflected in its ability to access Chinese capital. The report noted that financial institutions accounted for 57% of total issuance, with foreign financial institutions issuing RMB 333 billion, a 169% year-on-year increase. Bank of America led this issuance boom, raising RMB 167 billion. Year-to-date, U.S. global systemically important banks have raised the equivalent of USD 22 billion through offshore RMB bonds, making RMB the third-largest funding currency after the USD and EUR, surpassing the GBP.