S&P Global Ratings, which recently obtained approval to rate bonds traded in China’s interbank market, is in talks with regulators to participate in other parts of the nation’s note market.

S&P Global (China) Ratings, the credit assessor’s Chinese local unit, has already hired 30 analysts at its Beijing office and will open for business soon after “some preparation,” Simon Jin, the chief executive officer of the unit, said in an interview.

China’s interbank bond market represents over 95 percent of the market size and trading volume, according to Pacific Investment Management Co. in August. The nation also has a relatively small exchange-traded note market.

The People’s Bank of China gave S&P the green light for the firm to rate Chinese local bonds, according to a latest a statement, which didn’t mention Moody’s Investors Service and Fitch Ratings.

The move is to meet foreign investors’ demand for various yuan-denominated assets and improve credit rating quality in the domestic market, according to the central bank.

“Throughout our interaction with market participants over the last year or so, we found there was strong demand for high quality rating and research,” Jin said. “We believe with our product, reputation and history, we are in the best place to serve the market.”

He said S&P will implement a credit-ratings scale tailored for China and will rate bonds from a variety of issuers including financials and corporations, as well as structured products and panda bonds.(SD-Agencies)