Renminbi-denominated debt in Hong Kong is on course for a monthly loss that erases gains posted this year, as concern over the global economy puts the continued pace of currency appreciation into doubt, Bloomberg reported. The offshore yuan debt, dubbed “dim sum bonds,” have declined 4% since late August, pushing yields higher. Benchmark 12-month renminbi forwards traded at 0.4% above the onshore renminbi value late Tuesday, down significantly from the 1.6% premium in early September. The moves have been prompted by a worsening outlook for the global economy, which could strain China’s exports and pressure Beijing to ease the pace of currency appreciation, as well as worries about property developer and local government debt. “The market is slowly shifting from a focus on the currency play to a better appreciation of the inherent credit risks in some of the issuers,” said Neeraj Seth, head of Asian credit at BlackRock (BLK.NYSE).