S&P Global's China unit can rate bonds and asset-backed securities that are traded or listed for transfer on China's exchange-traded bond market.
The scheme will be capped at 150 bn yuan in each direction, and an individual quota of 1 mn yuan will be imposed on Greater Bay Area residents.
The $6mn in penalties against state-owned banks follows last week's unveiling of what will be China's first unified piece of national legislation on the protection of personal data.
China Construction Bank was fined, while senior executives and responsible personnel at Shanghai Pudong Development Bank and Guangfa Bank were punished individually.
Shenzhen will be able to make its own laws on artificial intelligence and big data, start a stock futures index, and list companies on its stock market with depositary receipts.
The approval follows reports that a probe into a potential conflict of interest in the planned $35bn stock listing threatened to delay the IPO.
The Shenzhen government is issuing 10 million yuan worth of digital currency for testing as part of ongoing DC/EP pilot tests.
The revisions will enhance governance, improve board and senior management accountability, strengthen capital and risk management requirements, and raise penalties for violations.
Fitch Ratings says the new regulations for conglomerates with interests in financial services will help contain systemic risks by limiting irregular financial activities and misconduct.
A new State Council guideline promotes the issuance of domestic shares to purchase overseas assets, and greater inbound investment from qualified foreign investors.
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