It offered the bond in London, which is vying to beat other financial centres in developing an offshore market for yuan-denominated products.

ECONOMIST: Business this week

"If you are looking for a support level for the onshore yuan, just look at the offshore market, " said a Shanghai-based trader with a foreign bank.

WSJ: Yuan Falls as China Cools Market

European investors are taking a bigger bite out of dim-sum bonds, giving a fillip to the swelling offshore market in China's currency.

WSJ: What's News

In a sign of a shifting near-term outlook, the yuan fell more quickly Monday in the offshore market in Hong Kong, where it trades without restrictions.

WSJ: Yuan Falls as China Cools Market

The offshore rate was sometimes weaker than the domestic one, and while the baht did eventually stabilise, the two-tier market had little to do with it.

ECONOMIST: Raising the rupiah