Industrial Bank of Korea (IBK) is planning to sell a synthetic renminbi bond this year, becoming the latest borrower to tap heavy demand in the fast-growing market — and offer investors diversification away from the high-yield credits that have so far dominated the market.

The synthetic renminbi format has quickly become an important product for Asia’s bond investors, allowing them to use their dollar funds to get exposure to the movement of China’s currency. The rare chance to participate in the rise of the...

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