Dagong Global gains market access to EU

Dagong Global Credit Rating Co., Ltd., China's domestic rating agency, said Friday that its European branch will be the first Asian rating company operating in the EU. Having gained authorization from the European Securities and Markets Authority (ESMA), the company will officially start conducting business in Europe on June 13. Analysts said Dagong's market access will help smooth capital flows and mutual investments between China and the EU. Its indigenous credit rating mechanism will also help modify the current rating system within the 27-nation bloc, they said. Dagong Europe was established in April 2012 in Milan.