The NDRC has told select Chinese bankers in recent weeks to avoid underwriting offshore yuan notes yielding more than 4% and dollar bonds yielding above 5%, people familiar with the matter said.
Those caps target higher-cost overseas borrowing as Beijing tries to contain risks among municipal-linked borrowers that carry more than $100 billion of offshore bond debt.
The move marks another tightening step in China's oversight of offshore fundraising, signaling greater scrutiny of issuers willing to pay elevated yields to tap foreign markets.