BEIJING, Jan. 28 (Xinhua) -- China has allowed S&P Global Inc. to enter its credit rating market, the central bank announced Monday, as part of the country's latest efforts to open up its financial sector.

The Operations Office of the People's Bank of China (PBOC) has registered the U.S. firm's Beijing-based wholly-owned subsidiary, while the National Association of Financial Market Institutional Investors has accepted the registration of the subsidiary to conduct bond rating business in the inter-bank bond market, according to a PBOC statement.