China has made its mark in Hong Kong’s debt market. The Ministry of Finance priced 6 billion yuan, or about $885 million, in its first green sovereign bond sale there. Split evenly between three-year and five-year notes. Yields landed at 1.42% and 1.56% respectively. Those levels came 0.4 percentage points tighter than initial guidance. Strong demand drove the tightening. Orders topped $10 billion. Investors showed appetite for yuan paper tied to environmental goals. But the deal does more than raise funds. It signals Beijing’s push to broaden its offshore borrowing options. And it bolsters Hong Kong’s role as a hub for sustainable finance in Asia. The proceeds will finance or refinance green projects. These support low-carbon industrial development at home. Think cuts in greenhouse gas emissions, biodiversity efforts, pollution control. Such uses align with China’s broader climate commitments. The timing feels strategic. Yuan funding costs look attractive right now.…