This year is shaping up to be an upbeat one for renminbi investing. Not only are domestic Chinese A-shares set to be incorporated for the first time into the world’s leading emerging markets equity index, there are also hopes of similar moves ahead for renminbi-denominated bonds.

“We believe that 2018 will mark the restarting of renminbi internationalisation after a two-year setback,” says Becky Liu, head of China Macro Strategy at Standard Chartered, an investment bank, in Hong Kong. “The government appears ready to push forward another round of renminbi internationalisation as capital outflows have stabilised and foreign exchange reserves have rebounded,” she adds.

In one indication of resurgent activity, Bank of China this week priced the largest “dim sum” bond issue since a shock devaluation of the Chinese currency in 2015. The Rmb4bn ($634m) bond, to be launched on Hong Kong’s offshore market, shows that the appetite for dim sum is returning along with the strength of the renminbi against the US dollar.