To further motivate market entities to use external ratings and drive the market-oriented reform of the credit rating business, the People’s Bank of China (PBC) has decided to pilot test removing credit rating requirements for the issuance of non-financial corporate debt instruments (hereinafter referred to as debt instruments). The relevant matters are announced as follows.
1. During the pilot test, the issuance of non-financial corporate debt instruments will be no longer subject to Article 9 of the Administrative Measures for Debt Financing Instruments of Non-Financial Enterprises in the Interbank Bond Market (PBC Order No.1 [2008], hereinafter referred to as the Administrative Measures).
2. Issuance and trading requirements not specified in this announcement will continue to be subject to the Administrative Measures.
3. This Announcement takes effect on the date of release.
The People's Bank of China
August 11, 2021
