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US and China Announces a New Trade Agreement to Include Payment Services, Credit Rating Services and Bond Underwriting

The US Department of Commerce announced a new trade agreement with China. The biggest points in the 10-point plan are aimed at the LNG sector, American agriculture and financial sectors, which are being promised greater access in a range of areas. In addition to beef, China agreed to accelerate the process for approving U.S. biotechnology products.

Beyond electronic payments, Beijing also said it would grant more access to U.S. credit rating firms and bond underwriters.  

Point 5 in the 10-point plan refers to: “By July 16, 2017, China is to allow wholly foreign-owned financial services firms in China to provide credit rating services, and to begin the licensing process for credit investigation.”

Source:  Department of Commerce

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