At least three Chinese credit rating firms have called for recognition of more local credit rating agencies by the Hong Kong Monetary Authority (HKMA). This aims to break the dominance of the Big Three international agencies, namely S&P, Moody's, and Fitch, as well as agencies from Japan and India. Charles Yang Junhao, vice president of China Chengxin (Asia Pacific) Credit Ratings Company, said that none of the Chinese credit rating agencies have been on the HKMA's list. Yang said Chinese institutions could be added to the list to provide investors with additional ratings for reference. Ben Yau, senior director of Lianhe Ratings Global. Ben Yau, senior director of Lianhe Ratings Global, said that it will be more beneficial for Chinese bond products to have both domestic ratings and international ratings.
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