Rating agencies S&P Global and Fitch Ratings will seek licences to rate domestic Chinese bonds, a move that could draw greater foreign participation into the world’s third-largest bond market.
In a trade deal announced last May following President Xi Jinping’s meeting with Donald Trump at Mar-a-Lago, China committed to allowing foreign rating agencies to operate wholly owned units on the mainland.
S&P intended to establish a locally incorporated subsidiary, the company said in a statement.
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