China Unveils Shake-Up of Credit Ratings Industry After Scandal
China’s beleaguered credit rating industry is set for a shake-up after a wave of bond defaults on highly rated companies and a scandal that exposed corruption at one of the country's biggest providers of corporate ratings.
Supervision over the sector, which is dominated by local firms, will be beefed up through measures that include unifying the regulation of companies that rate bonds listed on the interbank market and stock exchanges, according to a notice released by the People's Bank of China (PBOC) and China Securities Regulatory Commission (CSRC) on Tuesday.
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