Those looking for clues that a crunch is looming in the global market for yuan-denominated debt need look no further than a small Hong Kong-based maker of solar-powered street lighting.

China Singyes Solar Technologies Holdings Ltd. says it's been thinking about selling U.S. dollar-denominated debt to help pay back 560 million yuan ($81 million) worth of its so-called Dim Sum bonds due in November 2017.

China Singyes' situation is emblematic of a recent trend: With the renminbi losing value and money leaving the country, Chinese companies that have historically sold such yuan-denominated bonds overseas are now considering alternative debt products to roll over their borrowings.

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