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China Publishes Credit Rating Regulations for Panda Bonds

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China published regulations to improve the credit rating of so-called Panda bonds, or debt financing instruments of overseas non-financial enterprises, as it moves to bolster the renminbi's international reach.

The regulations are effective Aug. 1, according to a Tuesday notice from the National Association of Financial Market Institutional Investors.

Credit rating agencies are asked to publish the definition of credit rating and map its relationship with mainstream credit ratings, as well as align their rating work with regulatory provisions.

NAFMII said it will take measures or disciplinary actions against credit rating firms that go against their regulations.

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