China seeks to tighten rules on credit rating industry after high-profile defaults

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China’s central bank has started to seek public feedback on a policy document to overhaul the country’s credit rating industry, following a series of bond defaults by state-backed firms.

The credit rating agencies are urged to improve their credit rating models, strengthen corporate governance and bolster information disclosure, according to rules jointly published by five government agencies including the central bank and the finance ministry.

The rules are also designed to create a better eco-system in which bond issuers don’t interfere with credit rating decisions, investors rely on multiple sources . . .

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