Sales of yuan-denominated bonds in Hong Kong by China\'s policy banks jumped 187 per cent this year as the government moves to arrest stalling growth and the lenders seek funds to help boost exports. China Development Bank Corp led 15.2 billion yuan ($2.39 billion) of Dim Sum sales by policy banks this year, almost three times the 5.3 billion yuan of notes issued in the same period of 2011, according to data compiled by Bloomberg. Export- Import Bank of China sold 2 billion yuan of Dim Sum bonds last week while Agricultural Development Bank of China hired six banks to manage an offering, two people familiar with the matter said. China\'s economy expanded 8.1 per cent last quarter, the slowest pace in almost three years, and the government cut interest rates for the first time since 2008 last week. China Eximbank plans to use the proceeds from its sale to fund yuan export credits and for general corporate purposes, one of the people said today. China Eximbank and Agricultural Development Bank raised a total of 9 billion yuan in Hong Kong this year, the data show. \"I expect these policy banks to come to this market more frequently, similar to onshore, where it\'s a monthly thing,\" said Jeffrey Yap, the Hong Kong-based head of Asia fixed-income trading in Hong Kong at Mizuho Securities Asia Ltd. \"It\'s good for building a curve of maturities and increasing liquidity in the offshore market.\"China Eximbank sold 1 billion yuan of five-year notes to yield 3.35 percent and 1 billion yuan of 15-year securities at 4.15 percent, the person familiar with the matter said, asking not to be identified because the details are private. The sale received more than 4.5 billion yuan of orders, the person said. Three calls to China Eximbank\'s press office in Beijing went unanswered during normal office hours yesterday. Lin Fei, the deputy general manager of the funds planning department at Agricultural Development Bank of China, didn\'t immediately answer a call to his offices in Beijing yesterday. China Eximbank is the second issuer to offer investors 15- year Dim Sum bonds, according to data compiled by Bloomberg. China Development Bank Corp. was the first with a 1.5 billion yuan offering of that tenor in January, adding 1 billion yuan to the issue in March, the data show. The average yield on offshore yuan bonds fell for four straight days to 5.275 percent, Bank of America Merrill Lynch indexes show. It reached a low this year of 4.7 per cent March 6. Market Rush China Datang Corp sold 1 billion yuan of three-year Dim Sum bonds on June 8 which pay a 4.5 per cent coupon, data compiled by Bloomberg show. China\'s Ministry of Finance plans to offer more than 20 billion yuan of debt in Hong Kong in late June or July, a person familiar with the matter said April 28. \"Policy banks are rushing to the market as the new issue window re-opens and before the Ministry of Finance visits the market,\" said Suanjin Tan, a Singapore-based Asian fixed income portfolio manager at BlackRock Inc. Bank of China (Hong Kong) Ltd, Bank of Communications Co, Barclays Plc, BNP Paribas SA, HSBC Holdings Plc ICBC International and Royal Bank of Scotland Group Plc managed China Eximbank\'s Reg S sale, one of the people said. Bank of China (Hong Kong), Standard Chartered Plc, Industrial and Commercial Bank of China (Asia) Ltd, CCB International Capital Ltd, Agricultural Bank of China Ltd. and Bank of Communications Co. are arranging the planned sale for Agricultural Development Bank of China, the other person said.from gulfnews.com