Body overseeing interbank market, where most panda bonds are traded, sets August 1 deadline for rating agencies to comply
2-MIN READ2-MIN1 ListenChelsea YangPublished: 5:00pm, 22 Jul 2026Chinese regulators moved on Tuesday to improve the quality of credit ratings for panda bonds – a yuan-denominated asset class that has seen a surge in interest from foreign sovereign and institutional investors this year as a key tool to bolster Beijing’s yuan-internationalisation push.
Credit-rating agencies must adhere to the principles of independence, objectivity and prudence, according to a circular posted to the website of the National Association of Financial Market Institutional Investors. The self-regulatory body, under the central bank, oversees the interbank market, where most panda bonds are traded.
Under the new rules, rating agencies must disclose their rating definitions and provide a mapping of their grades against internationally recognised credit-rating scales.
Rating reports from agencies that fail to publish the required mapping will no longer be accepted for panda bond registration from August 1, the online notice said.
