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China should reduce its reliance on overseas credit-rating companies and the country's big financial institutions should strengthen their internal ratings research and make their own judgments, local news portal Tencent reported Sunday, citing People's Bank of China Gov. Zhou Xiaochuan.
The current three biggest global rating companies are not the best choices, and when judging economic situations, China could consider using a "double-rating" model that focuses on suggestions by domestic rating companies and merely refers to information by overseas ratings companies, Zhou was cited as saying.
The State Council, China's cabinet, has given the nod to the PBOC to regulate the country's credit-rating companies, making the central bank the sole regulator of the industry, local media reported last week.
Newspaper website: http://www.qq.com/
-By China Bureau, Dow Jones Newswires; (8610) 8400-7799; firstname.lastname@example.org