Bond market efficiency to improve with presence of top ratings firms
The efficiency of the bond markets will improve remarkably as China has made concrete steps in opening up the credit ratings industry, marked by the recent approval of S&P Global's application to enter the industry, analysts said.
"The permission for S&P Global's wholly owned subsidiary to enter the domestic credit ratings market indicates that China has completed all the steps of opening up its bond credit ratings industry," said Yu Chunjiang, deputy director of ratings at Golden Credit Rating International Co Ltd, a Chinese credit ratings agency.
The People's Bank of China, the central bank, said on Monday that it had approved the filing from S&P Global (China) Ratings, a wholly-owned subsidiary of US-based S&P Global, a major global ratings service and financial information provider.
