If China shows consistent ability in standards setting, it will be able to climb the global monetary ladder

A recent report by Dagong Global Credit Rating Co Ltd on the sovereign debt status of some 50 countries marks an important first step by a ratings agency from a developing country to come up with a global credit ratings review independent of Moody's, Standard & Poor's (S&P) and Fitch, the world's three ratings giants.

Like the country's efforts to internationalize its currency, this move symbolizes another major step by China toward increasing its influence in the global financial market and acquiring global financial dominance.