China regulator draws up credit rating rules

The China Securities Regulatory Commission, the country's securities watchdog, has published a draft of detailed rules governing the operations of local credit rating agencies in a move likely to accelerate the development of the Chinese corporate bond market.

The publication of the new rules yesterday comes a fortnight after the CSRC assumed greater power and responsibility over the fledgling corporate bond market, overhauling the previous regulatory regime, which bankers called "restrictive".

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