(Yicai Global) Feb. 11 -- An organization  of institutional investors under the central bank has drafted new rules  to further open up the country's bond market for foreign non-financial  entities. 

The National Association of Financial  Market Institutional Investors issued the Trial Guidelines on Overseas  Non-financial Enterprise's Debt Financing Instruments to facilitate  funding channels for overseas firms in China. The new rules are  implemented immediately. 

Forty-one offshore issuers have  registered CNY383.2 billion (USD56.8 million) worth of yuan-denominated  bonds, also called as Panda bonds, with the NAFMII as of the end of  2018. So far they have issued CNY165.6 billion worth of such notes in 87  offerings.

The number of issuers is growing and the  group is diversifying, which has put forward higher demands for updated  laws and regulations, the NAFMII said. "The  association is committed to advancing the development of the Panda bond  market into a market with transparent rules, efficient mechanisms and  standardized processes," it added. 

The Chinese interbank market is also  opening up to overseas rating agencies. New York-headquartered S&P  Global Ratings got the first green light from the Chinese government  last month to form a wholly owned unit in China. 

Editor: Emmi Laine