S&P Global enters China credit rating market amid trade war

Chinese bank regulators approved the registration of S&P Global’s Chinese entity yesterday, giving the US tech firm access to the country’s credit rating market, as

the China-US trade war grinds on.

The People’s Bank of China—China’s central bank—said S&P Global’s Beijing-based subsidiary has successfully registered and has received the green light to conduct bond rating in China’s interbank bond market.

“As a next step, the People’s Bank of China will... support even more foreign credit rating organisations that conform to regulations and have international influence to enter the Chinese market,” the bank said in a statement.

Opening up China’s credit rating industry is “an important part” of steadily growing China’s financial market, it said.

S&P Global’s entry into China comes as Beijing and Washington are locked in a bruising trade war that has spooked markets worldwide.

Since last year, the world’s two largest economies have exchanged tit-for-tat tariffs on more than $360 billion in two-way trade.

 

S&P Global enters China credit rating market amid trade war

Chinese bank regulators approved the registration of SP Globals Chinese entity yesterday, giving the US tech firm access to the countrys credit rating market, as the China-US trade war grinds on. The Peoples Bank of ChinaChinas central banksaid SP Globals Beijing-based subsidiary has successfully registered and has received the green light to conduct bond rating in Chinas interbank bond market. As a next step, the Peoples Bank of China will... support even more foreign credit rating organisations that conform to regulations and have international influence to enter the Chinese market, the bank said in a statement. Opening up Chinas credit rating industry is an important part of steadily growing Chinas financial market, it said. SP Globals entry into China comes as Beijing and Washington are locked in a bruising trade war that has spooked markets worldwide. Since last year, the worlds two largest economies have exchanged tit-for-tat tariffs on more than $360 billion in two-way trade.