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China Rating Firm to Set Up Hong Kong Unit on Panda Bonds

  • Golden Credit Rating to evaluate issuers of panda notes
  • Panda debt offerings have risen eightfold so far this year
Updated on

Golden Credit Rating International Co. is planning to set up a Hong Kong unit in 2016, in the latest example of a Chinese rating company expanding overseas to take advantage of rising demand for yuan funds.

The Beijing-based firm plans to evaluate issuers of panda bonds, yuan debt sold in the onshore market by borrowers based overseas, and help Chinese companies sell notes in the offshore market, according to Luo Guang, Golden Credit’s chairman. The company, owned by China Orient Asset Management Corp., is in the process of applying with Hong Kong regulators to establish the unit, he said.