Direction of opening-up foretold by S&P entering the Chinese market

CHINA'S CENTRAL BANK said on Monday it has filed the Standard&Poor's China branch in Beijing. On the same day, the National Association of Financial Market Institutional Investors notified its members that it has accepted the Standard&Poor's China branch's registration to do bond rating business in the interbank bond market. Beijing News comments:

Moody's, Fitch and Standard&Poor's became shareholders in some domestic credit rating agencies more than 10 years ago. But it was on Monday that China's credit rating market was finally opened to foreign players.

The top three international credit rating agencies started preparing for the day immediately after Chinese leaders vowed to further open up China's financial sector at the Boao Forum for Asia in April last year.