CCP Punishes 6 Major Rating Agencies as China’s Stocks Plummet

Experts say the CCP blames the agencies’ truthful rating reports for the decline of China’s economy and stock market.

People walk across a bridge with a stocks indicator board in the financial district of Lujiazui in Shanghai, China, on Oct. 17, 2022. Hector Retamal/AFP via Getty Images

China’s stocks are continuing to meltdown in the new year, and further plummeted on Feb. 2. In response to the negative movements in the market, authorities at the central bank of China—the People’s Bank of China—announced a total fine of 34.46 million yuan ($4.8million) for China’s six major rating agencies, including S&P Credit Ratings (China).

Economists believe that the punishment directed at the six major rating agencies is related to things that the firms said which China’s ruling Chinese Communist Party (CCP) didn’t like, such as revealing the real situation of China’s economy.