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January 29, 2019

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S&P to start local ratings operations

China has allowed S&P Global Inc to enter its credit rating market, the central bank announced yesterday, as part of the country’s latest efforts to open up its financial sector.

The Operations Office of the People’s Bank of China has registered the US firm’s Beijing-based wholly-owned subsidiary.

And the National Association of Financial Market Institutional Investors has accepted the registration of the subsidiary to conduct bond rating business in the inter-bank bond market, according to a PBOC statement.

Calling the opening-up of the credit rating sector “an important part” of the move to steadily open up the financial market, the PBOC said it would support more internationally influential and qualified foreign credit rating agencies to enter the Chinese market.

“With accelerating internationalization of China’s financial market, the introduction of international credit rating agencies will help meet the demand of global investors for diverse yuan asset allocation, improve the quality of credit ratings in China, and play a positive role in promoting the regulated and healthy development of the Chinese financial market,” the statement said.


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