The People's Bank of China, the country's central bank, said on Tuesday it will encourage domestic credit rating agencies to explore overseas rating markets in a bid to enhance the global influence and competitiveness of the country's credit rating industry.

In a statement published on its website, the PBOC said it is also supportive of fintech companies entering the credit rating market as well as consolidations among existing market players to strengthen their capacity.

Efforts will be made to enhance the independence and credibility of rating agencies, the central bank added.