China targets panda bond reform, mandates global credit mapping to lure foreign capital

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Chinese regulators moved on Tuesday to improve the quality of credit ratings for panda bonds – a yuan-denominated asset class that has seen a surge in interest from foreign sovereign and institutional investors this year as a key tool to bolster Beijing’s yuan-internationalisation push.Credit-rating agencies must adhere to the principles of independence, objectivity and prudence, according to a circular posted to the website of the National Association of Financial Market Institutional...