Beijing’s promise to allow US rating agencies to operate in China will draw foreign funds to the onshore bond market, where ratings from local agencies are viewed with suspicion, according to investors.
In a bilateral trade agreement announced this month, the pledge was framed as a concession to Donald Trump, US president, who has criticised China for unfair trade practices and investment barriers to US companies.
But the commitment follows a series of moves to attract foreign funds to the bond market, as Chinese authorities grapple with capital flight and a weakening currency.
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