BUSINESS PBC: Standard & Poor's gets approval to launch credit-rating business in China

BUSINESS

PBC: Standard & Poor's gets approval to launch credit-rating business in China

By Ge Mengchao | People's Daily app

18:17, January 28, 2019

China’s central bank on Monday announced that S&P Global Inc. has been accepted into the inter-bank bond market for the bond ratings business. 

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File photo: People's Daily app

This filing shows that S&P has been given official access to China's market for the credit ratings business, the People's Bank of China (PBC) said on its website.

China’s opening-up of the credit ratings industry is an important part of the steady expansion of the financial market to the world.

China's financial market is accelerating its globalization. With international ratings agencies getting introduced, the market landscape is conducive to meeting the demands of international investors for diversifying yuan assets.

It is also conducive to improving the quality of China's ratings industry and ensuring the sound development of China's financial market.

PBC will continue to foster the opening-up of the credit ratings industry and support more qualified foreign credit ratings agencies with influence in the global market to enter the Chinese market.

PBC will also strengthen credit ratings supervision, reinforce the market restraint mechanism, and let credit ratings play its role in risk disclosures and risk pricing, especially in terms of improving the financing environment for private enterprises and small and micro enterprises. 

China’s central bank will focus on serving the real economy with the financial services, and guide market expectations, the statement said. 

Cover file photo: VCG

(Compiled by Dong Feng)

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