The National Association of Financial Market Institutional Investors has released a series of new rules on Tuesday to open the domestic inter-bank bond credit rating market for foreign institutions, Economic Information Daily reported.

It also provided the details of the application process for registration, including the information required to be disclosed by credit rating agencies, the basic conditions to be fulfilled for the registration of related businesses and the supplementary materials required for overseas credit rating agencies.

The central bank has been hoping to attract foreign capital to the Chinese bond market. Last year, at the Bond Connect forum held at the Hong Kong Stock Exchange, Pan Gongsheng, deputy governor of the People’s Bank of China, stated that China will soon allow foreign credit rating agencies to evaluate Chinese domestic bonds.

However, insiders think in the short-term, the participation of overseas rating agencies will not have substantial influence on the inter-bank bond market rating, because most of the foreign institutions may mainly focus on those low-risk interest-rate bonds entering the domestic market, while national bonds and some relatively high-quality bank financial bonds all have their own overseas ratings.

In the long run, the opening of overseas rating agencies will also have a positive impact on the business of domestic credit rating agencies.