As China's vast economy continues to grow, its financial markets are also evolving and growing. One small sign of that growth: The second launch of renminbi-denominated debt in Hong Kong by a multinational company, Caterpillar (CAT), is giving momentum to a young market known as "dim sum bonds."

Heavy equipment manufacturer Caterpillar is marketing a two-year 1 billion renminbi ($150 million) bond to institutional investors in Hong Kong, the Financial Times reported. That significantly exceeds the first multinational entry into the market, a three-year 200 million renminbi ($30 million) issue launched by McDonald's (MCD) in August. McDonald's note was quickly oversubscribed and secured a 3% coupon.

The so-called dim sum market has been operating since 2007, but until February, it was restricted to Chinese financial institutions. Still, Caterpillar had to secure approvals from Chinese regulators to transfer the proceeds of the bond sale to the Chinese mainland, people familiar with the matter told the Financial Times. Caterpillar intends to use the proceeds to support operations of its Caterpillar (China) Financing Leasing Company.

China's government also announced it would initiate a second sale of renminbi-denominated bonds in Hong Kong with the aim of deepening the offshore market for renminbi-denominated debt. "Beijing has liberalized the use of the renminbi in Hong Kong," the Financial Times says, "as part of a much bigger plan to boost the international role of the currency and reduce China's reliance on the U.S. dollar."