(Bloomberg) -- The People’s Bank of China has invited major credit-rating companies to a Friday meeting to discuss the development of — and problems with — their industry, said people familiar with the matter.
The PBOC didn’t immediately reply to a faxed request for comment.
The PBOC has been making efforts to lift the quality of credit ratings in the world’s second-largest corporate bond market. The central bank vowed to improve its oversight of the nation’s bond-rating industry and listed problems such as inflated credit ratings, at a similar meeting back in December 2020.
The rating firms have also been invited to offer suggestions to the central bank, the people said, asking not to be identified as the matter is private. This isn’t a regular meeting, the people added.
Chinese firms have issued nearly 14 trillion yuan ($2 trillion) of bonds this year so far, according to Bloomberg-compiled data.
--With assistance from Yujing Liu.
©2024 Bloomberg L.P.