BEIJING, Feb. 26 (Xinhua) -- China Chengxin International Credit Rating Co., Ltd (CCXI) Tuesday said it has been approved by China's regulator to conduct credit rating in the securities market, marking the integration of CCXI and China Chengxin Securities Rating Co., Ltd. has been completed.
CCXI said in a statement that it recently received the approval letter from China Securities Regulatory Commission (CSRC) and it will launch credit rating business on Wednesday.
This is the first merger of its kind since the People's Bank of China and CSRC started to mutually recognize each other's credit rating licenses, and it's considered as a major step for China to push forward development of the credit rating industry.
CCXI now is obliged to conduct rating business in both the inter-bank debt market and in the exchange debt market.
Yan Yan, chairman of CCXI, said to respond to the call of the regulators, improve internal coordination, enhance credit rating service and strengthen the group's brand, it had decided to integrate the credit rating business.
Before the integration, the two companies conducted credit rating operations in the inter-bank market and exchange market, respectively, and they had the highest market share, 40 percent, in each market. (Edited by Yang Qi, kateqiyang@xinhua.org)
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