May 14, 2020 / 10:34 AM / 15 days ago

China grants Fitch Ratings approval for domestic ratings business

BEIJING/SHANGHAI, May 14 (Reuters) - China’s central bank said on Thursday that it had given approval to the Chinese subsidiary of global credit rating agency Fitch Ratings Ltd to operate in China’s onshore market.

The People’s Bank of China (PBOC) also said in a statement that the National Association of Financial Market Institutional Investors (NAFMII), the interbank market regulator, had given its approval for Fitch (China) Bohua Credit Ratings Ltd, a wholly owned subsidiary of Fitch Ratings, to conduct bond ratings.

The PBOC said the steps were “concrete implementations” of the Phase 1 trade deal between China and the United States. (Reporting by the Beijing Newsroom and Andrew Galbraith in Shanghai; Editing by Alex Richardson)

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