Helped by the yuan's strong value, the issuance of offshore yuan bonds so far this year has exceeded 140 billion yuan, Mr. Lee said.

WSJ: U.K. Banks Sell $245 Million Dim Sum Bonds in Singapore

When the U.S. Treasury sells bonds, about a third of the issuance is taken up by foreign buyers, mainly Asian central banks and quasi-state backed investment funds of the Middle East.

FORBES: Market Scan

In those days U.S. Treasury bills and bonds were not acceptable as collateral for note issuance at the reserve banks.

FORBES: Quantitative Easing and the Money Printing Press