China Pledges Better Supervision of Bond Credit Rating Industry
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China’s central bank vowed to improve its oversight of the nation’s bond credit rating industry following a series of defaults by state-backed firms.
People’s Bank of China deputy governor Pan Gongsheng said problems in the industry included inflated credit ratings, according to a statement on the PBOC’s website dated Sunday. Ratings companies should work hard to improve their capabilities and quality of work, he said.