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China debt defaults prompt authorities to tighten oversight of credit rating agencies

Summary:
[unable to retrieve full-text content]Beijing is tightening scrutiny of Chinese bonds with a fresh attempt at cracking down on regulatory arbitrages and ratings shopping, following a wave of defaults that damaged the credibility of domestic rating agencies and shook confidence in the world’s second largest debt market.In a draft regulation out for public feedback until April 12, the People’s Bank of China (PBOC) and four other financial regulators proposed credit rating agencies set up a quality appraisal system with a default…

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[unable to retrieve full-text content]
Beijing is tightening scrutiny of Chinese bonds with a fresh attempt at cracking down on regulatory arbitrages and ratings shopping, following a wave of defaults that damaged the credibility of domestic rating agencies and shook confidence in the world’s second largest debt market.In a draft regulation out for public feedback until April 12, the People’s Bank of China (PBOC) and four other financial regulators proposed credit rating agencies set up a quality appraisal system with a default…

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